Day Trading Morning Prep Gold, Crude Oil, Dollar Index, Euro, E-mini Russell Futures

The dollar index continues to show support as it climbs to new highs after finding a bottom middle of last week.

Its easy to see the DX 06-11 contract has been rising, and with this bullish price channel we look for the dollar to continue this move to new higher highs.

With that said, I can also see major resistance overhead in the BMT Line at 76.766.  This is a transitional area in my opinion.  If the dollar breaks this 76.766 level we look good for the dollar to go to 77.000.

Rememer the Dollar Index Futures Correlation when you’re looking for ways to trade with the dollar index as your guide.

If the level of 76.766 holds, expect price to drop back down, giving sellers control again, and most likely testing 76.000 once again, so expect falling dollar prices.

We have the PHOD and PLOD both below us, so these will act like magnets for the price as well.

I will be expecting rising DOLLAR price until we test 76.700, so look for the selling opportunities on gold, crude oil, russell, euro, etc.

Crude Oil Futures