The Jury is “still-out” on the $

The Jury is “still-out” on the $

Morning fellow Traders.
Following on from yesterdays blog where I said I thought the $ was at a critical level.
Well that proved to be right as it finds itself this morning around one of my major Fib level calculations in a Doji formation (as it stands anyway).
So the question is as before.
Is this going to be a huge phase 2 about face where it turns, diving back into the much longer prevailing trend or is this the start of a trend breaker..?
The Jury is “still-out” on the $

U.S Oil stalled yesterday.
It looked destined to continue on its merry path upwards only to fall back sharply to its support at $70.50. This morning back up at $71 (give or take) it too has to make its mind up. It’s pretty stretched up here and could pull back a little more but ultimately I still see this climbing up to around $75.00 and possibly beyond that. This wouldn’t happen overnight (assuming it does of course) and with tensions in the Middle East still very unsettled anything could happen. U.S Oil Inventories this afternoon will be interesting.

I still have Euro$ and Cable in my sights to go lower but am ever mindful of Brexit and the $’s potential spin so I will be very selective. All the planets need to be in line and currently they are not. Therefore any trades I do undertake will be short lived with small targets. Longer time frames will possibly need huge stop loss levels and with that come potentially smaller returns. Also frequency of trades will be more limited.

I can’t see me doing much today until possibly Oil this afternoon and Thursday and Friday look as though they may be relatively quiet.

We shall see though

All the best

Catch up tomorrow if not before

Clive

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About Author

Clive Arneil

Clive Arneil worked for major brokers for over 20 years trading most instruments in the Foreign Exchange markets as well as Derivatives. Brokered deals on behalf of some of the worlds largest banks including Barclays, Citibank, UBS, Nat West and the Bank of England. Worked mainly in the UK but also in Switzerland, Germany and the U.S. Retired from the Money Market at the age of 40 and worked as a financial data feed specialist supplying market data to Banks, Brokers and Spread-Betting companies. Still trading and teaching people the skills required to master today’s volatile markets.