Dollar Pulls Back
Each evening we
focus on the most interesting aspects for the upcoming
trading day. The comments are based on observations of the
nightly updates of the Futures and Market Bias pages. They
are provided for educational purposes only and are not
intended to be direct trading advice. Also, keep in mind
that these remarks are made up to 12 hours in advance of the
markets opening. Therefore, overnight events may alter the
outcome of these observations.
The dollar continued to pull back from highs on Tuesday. This suggests that
it may set up on the long side over the next few days. Therefore, the inverse
currencies may set up as shorts soon.
Considering the above, watch the June Swiss Franc
(
SFM1 |
Quote |
Chart |
News |
PowerRating) over the next
few days to see if it stalls out in its rally from lows.
Looking Ahead
May corn
(
CK1 |
Quote |
Chart |
News |
PowerRating) is in day two of a sharp rally from lows. It may set up as
a short over the next few days.
The June Canadian Dollar
(
CDM1 |
Quote |
Chart |
News |
PowerRating) looks like its having trouble rallying
off of its lows. It, too, may set up over the next few days.
May cocoa
(
CCK1 |
Quote |
Chart |
News |
PowerRating), mentioned recently, appears to be breaking down out of
a big picture top. Wait for the first bounce/setup before attempting a short
entry here.
Best of luck with
your trading on Wednesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!