In today’s Daily trade Watch video we take a close look at the continuing strength seen in the US Dollar, this Dollar strength is the order of the day..
Having seen a mildly hawkish FOMC, this mixed with largely positive economic data with bullish expectations and US/China trade talks nearing a conclusion makes it easier to see why the US Dollar is finding some support.
The question is, how do we use this information from a technical perspective. Let’s start with the EURUSD, if you look at the charts you can see the weakness creeping into the EURUSD since the FOMC on Wednesday night. However, we do need to see continuation below 1.1169 for us to consider getting in this market to the downside.
It is a similar situation for the GOLD Market, it is suffering largely due to this Dollar strength story. However, similarly to the EURUSD we would need to see a break below yesterday’s daily low of 1265.86 for us to activate a trade, until then do be patient.
Dollar strength is the order of the day – Full Video Analysis
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