Summary:
We feel like after Friday's NFP data we've got to take a look at the dollar and see what it's saying. The technicals for this chart aren't looking too good in our opinion at where price is now as it broke past a key level of support but eventually it did find another area of support which it held. For us we don't have a bias on this index at where price currently is. If we were to see price break to the upside and retest that broken support level for support again and it hold then we'd consider the dollar bullish. If price pulls back to the previous area of support, retests it for resistance and then pushes to the downside break past more support levels then we'd consider the dollar bearish. Until this happens we are just going to sit and wait as there isn't really much of a bias currently. The only bias that we have is COT data which is stating that smart money is long the dollar so this could be something to consider but until we see everything match up we are staying neutral. Remember trades in this job it's not about how much you can make but rather about capital preservation.
Disclaimer:
This is my opinion on this asset at the time. This is not financial advise. Don't take this trade blindly, do your own analysis first before entering. Feel free to use this analysis to assist you with yours. Feel free to leave any comments you have. Good luck!!!
We feel like after Friday's NFP data we've got to take a look at the dollar and see what it's saying. The technicals for this chart aren't looking too good in our opinion at where price is now as it broke past a key level of support but eventually it did find another area of support which it held. For us we don't have a bias on this index at where price currently is. If we were to see price break to the upside and retest that broken support level for support again and it hold then we'd consider the dollar bullish. If price pulls back to the previous area of support, retests it for resistance and then pushes to the downside break past more support levels then we'd consider the dollar bearish. Until this happens we are just going to sit and wait as there isn't really much of a bias currently. The only bias that we have is COT data which is stating that smart money is long the dollar so this could be something to consider but until we see everything match up we are staying neutral. Remember trades in this job it's not about how much you can make but rather about capital preservation.
Disclaimer:
This is my opinion on this asset at the time. This is not financial advise. Don't take this trade blindly, do your own analysis first before entering. Feel free to use this analysis to assist you with yours. Feel free to leave any comments you have. Good luck!!!