Here’s the next level to buy the Dollar
Dave Floyd is a professional FX and stock trader based in Bend, OR and the
President of Aspen Trading Group. Dave’s approach to FX combines technical
and fundamental analysis that results in trades that fall into the swing
trading time frame of several hours to several days. For a free trial to
Dave Floyd’s Daily Forex Alerts
President of Aspen Trading Group. Dave’s approach to FX combines technical
and fundamental analysis that results in trades that fall into the swing
trading time frame of several hours to several days. For a free trial to
Dave Floyd’s Daily Forex Alerts
In
yesterday’s article we had noted a few set-ups that were longer-term in
nature (several weeks), those being a long in AUD/NZD above 1.0800 and a
short in NZD/CAD on a break of .8065. Both of these technical parameters
were met, and we now expect to see initial target levels of 1.0950 and .7970
respectively.
From a short-term basis we had
also noted a short in GBP/USD that played out as well.
For today, it seems as though
the dollar bulls look to re-assert themselves after Friday’s sharp sell-off.
The key level remains 89.55 that has been very difficult to break above for
several sessions. If we can manage either an hourly or ideally a daily close
above this level, it should expose a move towards 89.75 and possibly 90.25.
Pull-backs towards the 89.30-40 area should provide a good inflection point for
traders who may have missed this push higher to establish short in GBP/USD,
EUR/USD.
USD/JPY is also likely to make a run towards 116.10 if
the dollar remains firm.
Trade Idea (12-24 hour
duration)
As always, feel free to send me
your comments and questions.