U.S Dollar Index Futures—The U.S dollar in the June contract rallied sharply off of session lows due to the Federal Reserve comments sending the dollar up 20 points at 97.41 as I am now recommending a bullish position while placing the stop loss under the April 12th low of 96.36 as the risk is around $1,100 per contract plus slippage & commission.
For the bullish momentum to continue prices have to break the April 26th high of 98.08 in my opinion as the chart structure is excellent as I see no reason to own the foreign currencies at this time.
The dollar is trading above 20 and 100 day moving average as the trend is higher as this generally is a non-volatile currency unless some type of unusual circumstances arrive.
As I have talked about in many previous blogs I still believe that the U.S dollar will trade above 100 eventually as the United States economy is way too strong to have a weak dollar especially when Europe experiences no growth or ingenuity due to the socialistic based economies.
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