During the day (May 3, 2016) the DXY Index was demonstrating signs of strength. I listened to a business show late in the afternoon and it was recommended that the DXY weakness was over and you should position yourself in UUP, because the US Dollar (via DXY) would soon rally. This may happen, however......
Above is the daily chart of DXY, and this chart is solidly down. Yes, the 15 minute chart looks like DXY will get stronger, but I never let a short term chart over-rule a longer term chart. If the jobs data Friday (May 6, 2016) is strong, then the smart money would make a bet for DXY strength.
I would need to see the phase energy bars (top) start reversing. Break of trend to the upside is approximately 94.30.
The regression trend line is down, TRADE-MAP indicators are down, and phase energy readings are down.
I call this the "Jack Be Nimble" chart, because if you think the DXY is going to rally, I suggest you must be nimble in your actions, for I believe the upside move will be short lived. I will explain all of this in part 2 of this series.
I hope this has been helpful, entertaining, and informative. May all of your trades go well. Don.
Above is the daily chart of DXY, and this chart is solidly down. Yes, the 15 minute chart looks like DXY will get stronger, but I never let a short term chart over-rule a longer term chart. If the jobs data Friday (May 6, 2016) is strong, then the smart money would make a bet for DXY strength.
I would need to see the phase energy bars (top) start reversing. Break of trend to the upside is approximately 94.30.
The regression trend line is down, TRADE-MAP indicators are down, and phase energy readings are down.
I call this the "Jack Be Nimble" chart, because if you think the DXY is going to rally, I suggest you must be nimble in your actions, for I believe the upside move will be short lived. I will explain all of this in part 2 of this series.
I hope this has been helpful, entertaining, and informative. May all of your trades go well. Don.