This past week was pretty challenging when it came to figuring out how to position ourselves in relation to the dollar.
For USDX, the week prior saw a pretty solid bounce up off a support level around the 75 mark, and it was looking good for a bottom reversal call. Fast forward to late last week and price once again sagged.
In our weekly forecast posted for subscribers Saturday November 7th, we clearly identified three specific price levels which needed to provide support ahead of the next bounce up (together with a couple of simple indicator events to confirm). If price violated those levels, then the near-tern call for a bottom was in jeopardy and a deliberate “wait and see” attitude was warranted ahead of any further attempts at either a swing or position trade. Into this week, those specific levels were taken out to the downside, and the confirming events of further upside development we were looking for did not materialize. Until, that is, today.
If you’d like to view a complimentary, no-obligation presentation that takes us back to last week’s forecast, relates this week’s action to that forecast, and plots a potential direction forward from here, please click the following link (for which you do not need to provide a user’s name or password – but please allow a few second for the screencast to load):
