AdrianRaymondFX
Long

USDOLLAR testing bullish trendline (need confirmation)

FX:USDOLLAR   Dollar Index
132 6 3
Last week, I wrote that I expected the Dow Jones-FXCM US Dollar Index             to break a resistance level at 12,040 points. The failed break at the beginning of the week was followed by a 1% drop yesterday, that cannot be explained by hard fundamentals. I think it had to do more with repositioning by traders who had bought the greenback too late on Friday/Monday (i.e. short squeeze on EUR/USD             ). This morning I have noticed that the USDOLLAR             seems to be stabilizing just above a bullish trend line coming in from the June lows. This would be the third test necessary to confirm the presence of such a trend line for all those die-hard tech traders. If the dollar bounces back up to levels seen Monday, my initial call for a bullish breakout above 12,040 points would still be in play. Any longs initiated at current levels have a decent risk/reward ratio as stops are relatively tight (just below 11,060 points should be fine).
bagus.banours
a year ago
yes Adrian !! tes web binaires nous manque ! :-)
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AdrianRaymondFX PRO bagus.banours
a year ago
Merci. Je vous prépare une surprise pour la rentrée.
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AndrewHook
a year ago
Super je n'etais pas sur que tu parlais francais. En tout les cas bravo pour ton travail
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Jarluk
a year ago
Agreed, but I don't like your definition of a "tight stop". 11,060 is a long way away so far indeed to nullify the bullish trend long before its hit.
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AdrianRaymondFX PRO Jarluk
a year ago
For a swing opportunity with new highs being targeted, I do believe that that's a tight stop. Now that prices are up 17 points, this is no longer the case.
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Looks like the dollar is breaking support this morning. Time to cut longs.
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