Is The U.S Dollar In A Bull Market?
Currency Futures--- The U.S dollar reversed earlier gains and finished lower by 33 points in the June contract closing around 79.72 and is having a difficult time breaking above 80.20 in the short term while the Euro currency rallied sharply from earlier losses of 80 points only to finish 60 points higher in the June contract to close at 1.3142 in an extremely volatile trading session today. The British Pound for the June contract was up 50 points to close at 1.5897 while the Canadian Dollar which is been in a 11 week tight channel with low volatility finished down 14 points in the June contract closing at 99.89 and if that closes below 99.30 that would be a breakout to the downside of an 11 week consolidation which in my opinion would be a terrific selling opportunity. Take a look at the Canadian Dollar daily chart as well as the Mexican Peso on the daily chart because they are very similar with the Peso breaking out to the downside a couple of days ago while the Canadian dollar has not broken out to the downside just yet. The Japanese Yen today was up 100 points to close around 1.2438 continuing its bullish momentum against the U.S dollar. In my opinion I think the dollar will climb and grind higher throughout the course of the spring and I am bearish the Euro currency, Canadian Dollar, and the Mexican Peso and if you take a look at those charts on my website I think you will agree with my analysis. If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.
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