U.S. Dollar Rallies
Today the dollar had a big rally and as you know I've been bearish on the dollar since May 12th. A move above last months high would be where I'd place my protective stop.
Tuesday, June 03, 2008
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7 comments:
Treasury doesn't seem to go hand in hand with USD today.
Is it just people hedging the MBS sold by Lehman? Or something nasty is brewing, another Bear Stern?
I have one example that rely too much on TA can caught you off guard.
Eur/Jpy has been forming a nice inverted head and shoulder on daily chart in the past one month or two. I longed it above 164, thinking that neck line 163 held so well. My target is 167.5 However, it just took one day to sink to 162 area. Now can't even go above the right wing trend line.
Time to sell or wait for it to go above the trend line? TA guru Kevin, any suggestions?
Kevin:
Any thoughts to the Bond trade? I noticed is just made some lows and you had some comments a while back about two month cycles. I picked up some options to go long bonds.
rb
Some people say dollar fluctuations in domestic and international economy are currently under influence of the Presidential rally so not a good moment to invest.
The EUR/JPY follows the stock market due to the yen carry trade. Have a look at what the S&P500 is doing and that will tell you where the EUR/JPY is going next.
hey kevin, In one of your other comments I posted about seeing dollar strength based on the decoupling of the dollar/oil relationship and usd/yen strength. USD/JPY looks to be breaking out of a consolidation phase with a classic 'W' formation. I have a chart on my blog. chart link is
http://tradersbase.com/tbimages/cire2222/jpy64.jpg
Hi guys,
I've read all of your comments and questions but am a little busy at the moment so I can't answer everyone.. I'll try to get back to you in a few days.
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