Long The Dollar
With much talk about the imminent demise of the Dollar abound my demented mind sees a possible long opportunity in the DXY right now. Let’s review:
As of 12:05am the DXY dropped all the way to 76.43 – which according to 2sweeties’ DXY retracement levels calculator is only a few ticks away from a high frequency long RL:
There you have it – should this level fail the next RL is at 75.94 – quite a bit away and if that happens we’re bears are in a world of hurt.
One more chart to consider is the 2.0 BB on my EUR/USD chart – yes, it might go higher here. But consider that we’re outside the BB plus we have a pretty good RL at hand it’s not the worst setup I’ve seen.
So, let’s see what works better – headlines and opinion pieces in the MSM, or a proven statistical reversal odds calculator. My money is on the latter 😉