The U.S Dollar just broke down past the previous daily low, suggesting that either “the big big low” is still out there in front of us….or “this” is indeed “the one” and it’s stretching past any and all technical indicators / levels in order to take out the most players.
I’m sure we can all agree that any given asset “does this kind of thing” at significant turning points, and that “nothing is given to you easily” when it comes to timing these things.
Discussion picks up in the Members Area throughout the day.
That said….further patience is required.
From a fundamental standpoint I find it very difficult to imagine further weakness in USD, and I’m “leaning” towards “this being” the significant low that I’ve been hunting for – although technically we’ve now seen indication that “further lows” could still be out in front of us.
A quick chart:
USD_May_06_Forex_Kong
Considering I am “only now” in the red on a couple of these early entries I am taking profits on GBP/AUD and in turn scrapping NZD/USD for break even, and will remain holding the few smaller “long USD” positions as well short AUD/JPY for the remainder of the day.
This is as close to a “near term bottom” as we can get, so no “panic selling” as that’s what’s expected of retail here.
Exactly waiting for it to touch the bottom near 79 or 78.90 , then will start long USD positions ,
think that it’s all part of the plan as tomorrow we have yellen testifying plus other Usd news , which can provide a move up big time ,, plus the tension over Ukraine is increasing day by day , was expecting the safe heaven’s to move up JPY is moving but USD tanking , makes me wonder people arnt considering USD a safe heaven anymore ,,
This has all the makings of a “significant turn” yes as U.S Equites / tech look to roll over here too.
A final “caput” in USD to hit the 79.00 area and BOOM – up she goes.
Btw its Farhan dont know why it’s showing Anonymous
hmmm…..not sure either.
you’re long USD which pair? USD has been getting hammered because EUR, AUD, CAD, GBP have all stronger econ data recently… the safe haven bid that you’re inferring to is gone and toast, like equities.