I don't expect much out of this dollar rally. I went short EURUSD starting the next day after the FOMC statement and continued to short through Friday. When the dollar has big selloffs into an FOMC date, usually there is a rebound shortly after.
I expect that we continue to drop into December after this backtest occurs. We seem to be repeating the 2008-2009 DXY "reset" extremely well.
I expect that we continue to drop into December after this backtest occurs. We seem to be repeating the 2008-2009 DXY "reset" extremely well.
Note
Expectation is a retest of the March lows by mid August, and then a descent back down.Note
Compare the same sequence to 2008-2009Note
We are "re-aligning" where the "last opportunity to short" DXY was mid June, with the expectation of a temporary bottom/capitulation sometime at the end of July or early August. That is exactly what has happened here. I do not expect this rebound to last longer than August 20.
Note
Well this idea is back in play. Eventually the 50 Day BBs are going to matter here and should be approached right when the March low is struck.
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Find the edge.
Website: daily-edge.com
Twitter: twitter.com/dailyEdgeGroup
Youtube: youtube.com/c/TheDailyEdgeTradingGroup
Telegram: t.me/mortdiggiddy
Paypal: paypal.me/mortdiggiddy
Website: daily-edge.com
Twitter: twitter.com/dailyEdgeGroup
Youtube: youtube.com/c/TheDailyEdgeTradingGroup
Telegram: t.me/mortdiggiddy
Paypal: paypal.me/mortdiggiddy
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.