USD On the Decline – Here’s Some Opportunities
Rowan Crosby • 1 min read
So the big moves overnight were thanks to the FOMC minutes. For the most part what looked like a certain rate hike for the U.S. now appears to be in doubt. That threw some fuel on the dove camp’s fire and the USD has weakened considerably. My buddy Shain has a nice wrap for those of you who want to know more.
U.S. Dollar Index – 240 min Chart.
The big mover for me was the EUR/USD. There was already some heat to the upside thanks to some local political news. The weak USD has just sparked more buying interest.
What was more interesting to me was the flip side of the coin. The other currencies that didn’t rally as much. When that happens I suspect that there is some underlying pressure.
For now, I’m watching the AUD and NZD closely. Both have failed to rally inline with some of the other currencies. So I suspect there is a chance to short at the upper resistance levels. I’ll look at these closely throughout the session.
AUD – 78 cents is still holding strong.
NZD – 71 cents keeps getting smacked down.
Here’s to another great session guys. Good luck!