Intraday Dollar Neutral As Pairs Breakout
The recent rally in the U.S. Dollar has shifted from an uptrend to neutral which is to say that the next leg is yet to come.
The Impact on Currencies from the Commodities that Move Them
Forex traders cannot analyze the pairs in bubble. There are three key commodity futures contracts that must be followed each day – if not every trade.
The USD/JPY and 116.00
The USD/JPY continues to congest on the daily chart between a narrowing triangle pattern. This set up has traders looking at 116.00 and the near term high at 116.07 as a decision level for where a sustained breakout could strengthen.
The U.S. Dollar at Key Level
The U.S. Dollar Index weakness has become a well-known and often-discussed news item. The weakness is such that it has crosses the chasm from active traders and into the consciousness of casual market observer.
The U.S. Dollar’s Range is Broken, 82 Level Still Looms
The 82.00 level in the U.S. Dollar Index should not be underestimated. It’s a very slippery slope north of 81.80 to the psychological 82.00.
The Dollar Get Swept Off Its Feet Before NFP
The Dollar had been trading within a nice range 84.20 to the upside and 83.80 to the downside. Both major psychological numbers and both with multiple tests.
The Dollar Gravitates Around the 83 Level
The move during the afternoon New York session was suspect as it occurred only after the European/U.K. session wrapped up.
The Dollar Stays Put as NFP Approaches
With NFP approaching there will be few dramatic moves (barring unforeseen geo-political events) that will encourage traders to want to step out in front of the NFP.
The Dollar Continues to Struggle with 83.00
While some of the intraday charts have the U.S. Dollar neutral to slightly bearish, there is no doubt where the long term trend remains.
Second Chance with the Dollar
I think what many traders must learn to do is recognize when the charts don’t look quite “right”. What are some clues?
The Dollar Heads into the PPI and TIC Report
It’s no surprise that with this much data on the horizon that the short term Dollar chart has consolidated in front of it.
The Dollar Wakes Up for ’07
Could it be that the Dollar was simply waiting for ’07 to begin partying? As a trader, the only thing that keeps me out of busines is a flat market, so this breakout from the sideways action is welcome.