Dollar Ceiling Shattered
It took a few months of frustrating churn and burn, but the Dollar glass ceiling at 95.5 has finally been broken. I am watching with glee as the EUR/USD is now in danger of dropping below its 100-week SMA near 1.1465 which also lines up with its 25-month SMA. What happens next is key as continuation lower on the EUR cross is probably going to trigger some good old fashioned panic selling.
Behold the carnage that is the EUR/USD right now. Serves them about right for bidding up a doomed globalist monopoly currency in favor over King Almighty Dollar. Hallelujah – I’m feeling outright saintly today for repeatedly having told ya so!
And here are the DX futures in all their glory. 9.5 has officially been recaptured and although retests are to be expected the 100-day SMA is going to be serve as medium term support going forward.
What’s also history is my latest E-Mini campaign. One week of hassle and all I got to show for is one measly R in profits. Embarrassing… but King Dollar is clearly exerting a gravitational pull on everything right now.
I’m also finally out of silver. Just yesterday I was happy to see it push back into break even, but when it produced a spike high there I decided to cut and run. Not something I usually do but as I mentioned above – the Dollar is stomping all over everything right now. Best to get out of the way and keep a low profile.
Soybeans was on the menu on Wednesday and I was holding off for a dip below 892.75. Which now is in place but once again, given a raging Dollar I’m going to give this one a miss.
Besides, I’m already in corn and that one is down 0.5R. I don’t think it’s a lost cause but since both soybeans and corn seem very correlated right now I won’t add to my exposure.
One possible entry today or Monday but I’ve got to keep that one for my intrepid subs:
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