Previously I’ve highlighted that the U.S. dollar has been looking quite bullish lately. That trend has looked much stronger this week, so let’s take a look at first the dollar itself and then the FX pairs most likely to generate short- and long-term profits from that strength.
The U.S. Dollar Index (USDI) tracks the dollar against a half dozen major currency pairs:
As you can see, USDI has been in an uptrend for many years. Its long-term support line was tested with a double bottom recently and the price responded very bullishly.
Now USDI has just cracked through the neckline of the double bottom and then through a recent resistance area too. That means there’s lots more open space above and beyond for USDI. I think prices will continue heading higher, especially against the Euro, the Australian dollar and the New Zealand dollar.
So even though there was a time where USDI appeared to be trapped at a resistance area and ready to roll over, the anticipated bearish market action never followed through. Instead, USDI has grabbed a foothold and is building momentum for yet another upward leg in the U.S. dollar bull market.
In this week’s session (recorded 02/07/2020) – I went through the live markets with a strong focus on what’s happening right now, where the opportunities are hiding and how you can distinguish the difference between identical patterns (big real-life lesson).
I also covered:
- Why the US Dollar has “More Open Air” and my (ballsy) prediction of where this is going to go and what this would mean for three other currencies
- The “messy’ EURUSD and why the impact of Brexit has put a “cherry on the cake” of a 10-year down-trend (but what’s going to happen when the Brexit dust settles?)
- What the “dead cat” bounce on the USDNZD means and how to identify what this means (no offence to pet owners)
- The simple thing that an average 6-year old can see that experienced traders overlook, and why simplicity is undervalued
- Why $USOIL is destined to head lower after a “playable counter trend” and a recent “double top” and what you can do right now to be part of what I predict to go considerably lower
- The simple little tip that will allow you to distinguish the difference between the practically identical patterns to determine which are “head fakes” and which are the real deal
- The “violent pair” that I predict is going to rocket to multi-year highs (but my big warning if you’re going to get involved)
- What 30 years of instincts are telling me about TSLA and what I believe this “red alert” stock is going to do next (could it go even higher?! Surely not. I share my thoughts).
- Plus much more
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