Excellent Chart Structure In The U.S Dollar

Excellent Chart Structure In The U.S Dollar
Excellent Chart Structure In The U.S Dollar

U.S Dollar Index Futures—The U.S dollar in the June contract is trading slightly higher up 10 points at 97.36 as I have been recommending a bullish position from around the 97.41 level and if you took that trade continue to place the stop loss under the 2 week low standing at 96.87 as an exit strategy.

The chart structure is outstanding at the present time as this is relatively low-risk trade as the expectations for this market is much lower than copper or cotton due to the fact that the volatility is not in the same class as those other 2 commodities.

The dollar is still trading above its 20 and 100 day moving average as the trend is higher as President Trump will possibly raise tariffs that could be in effect by Friday as that is a negative influence on foreign currencies so stay long & continue to place the proper stop loss.

The chart structure will not improve for another 7 trading sessions so you will have to accept monetary risk at this time, but for the bullish momentum to continue we have to break the April 26th high of 98.08 in my opinion and if that does occur I will be looking at adding more contracts to the upside.

TREND: HIGHER

CHART STRUCTURE: EXCELLENT

VOLATILITY: AVERAGE

 

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