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First, the only index future of US dollar is traded on CEC (whatever that
stands for)... but it's relatively thinly traded so I went with the
underlying cash chart.
Well, in the last two days (today included), it has been on the upside and
broke out a short term double bottom. However, it is now only readying to
attack the 62% retracement level; therefore, a break out is still out there
in question in my opinion. In other words, I don't know where it is heading
as of now.
However, out to the foreign currencies front, woh boy, do we see an ugly
picture. CD just doesn't seem to stop dropping; JYU98 futures broke down
today (cash didn't, so still wait and see, but with the stupid election...
Huh, I think we can count on it); and Eurodollar (felt I should mention it
since you did) swept the support just above 435. All these paint a
downtrend in foreign currencies and hence an uptrend in US dollar. However,
in Eurodollar's case, I think there is a support around 409 as a 100 percent
movement target (visually measured with low in June and high in July). But
that probably won't matter much since I don't believe I have even heard the
term Eurodollar on CNBC from the lovely Sue (more pleasant than bloody lips
Maria Bartiromo I think, just kidding ^_^).
Internally, GC (gold) contracts are obviously breaking down and that is
supporting an uptrend in US dollar. Although I believe there is a support
around 287, I don't think it will hold.
Anyway, US dollar alone looks ambiguous but overall picture paints for
downward movements in foreign currencies.
If I was to short a currency contract, I probably would pick CD98U
targetting for 0.61000 with trailing stops based on two day highs.
Mine truely, :p
HMJ
DIS: Well well, I posted what I thought but doesn't mean I will be
responsible for anything. After all, I don't even trade futures!
And I am a highschool student!
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