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:
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.