June 29, 2012
- in Uncategorized by schooloftrade
Euro and Gold Futures are waiting for the Dollar Index to move higher for the reversal
900am EST
The euro currency futures are trading above the PHOD so we’rebullish on the Euro, but just like the other markets we’re wondering if the big
jump on the news overnight is still strong enough to keep going higher. We’re already seeing the highs start to form
on these markets, and if the dollar index moves off the lows we will see
EVERYTHING including the euro start to tumble.
The euro and the dollar index have the strongest correlation,
along with other currency futures contracts, so beware the dollar index is
going to be the one to move this euro today, or it may not, we shall see soon. We can see an easy spot to sell short at the
highs of the bull price channel and the trigger-zone resistance at 2685 and
2775.
along with other currency futures contracts, so beware the dollar index is
going to be the one to move this euro today, or it may not, we shall see soon. We can see an easy spot to sell short at the
highs of the bull price channel and the trigger-zone resistance at 2685 and
2775.
The gold futures market is also moving higher
this morning with the dollar index dropping.
Clearly there is fear in these markets or else the gold futures would
not be moving higher on supposedly bullish news from Europe. Why would gold futures be rising? Fear!
Sell these highs on gold this morning and remember the line in the sand
on the dollar index is 81.685 and that will mean a rising dollar index off the
lows will give us falling prices on the markets we trade.
