Back To Our Price Pivot Point!
TRADING THE US DOLLAR: WATCH-POINT!
As we were looking for a Weekly Price Close below 94.80 as further confirmation of weakening and didn’t find ourselves there on Friday last, we stood back and waited for the dance to work out it’s routine.
As expected, price bounced around on the dance floor but found itself coming back to where it began the week before. Price seems well poised to close this Friday below the pivot price of 94.80. If price does close below this price point, expect to see the US DOLLAR begin to drop out of it’s trend-less zone and start a new downtrend that should last weeks if not months. – George