But Friday Never Hesitate… USDX

August 19, 2016

Image: Paul Padshewscky, Flikr (cc)

Wednesday: Dudley – We’re going to raise rates.
Thursday: Fed Minutes – We’re not going to raise rates.
Friday: Dudley – We’re going to raise rates.

3 days in a row the headlines have gone back and forwards, while the US Dollar has gone in only the one direction:

USDX Daily:
160819_usdx_daily
Click on chart to see a larger view.

Down.

After USDX hit channel resistance a few weeks ago, price has now reached the opposite end of the channel.

This level is even more significant as price is also approaching the higher time frame trend line support level that buyers are sure to be lurking around.

I’m not sure how to interpret markets completely ignoring these constant hawkish soundbites which are given to the media for a reason.

Either way, anything long USD if the Fed flipped proper hawkish would be the type of trade that dreams are made of…

Think about that one and enjoy your weekend!

———

On the Calendar Friday:
CAD Core CPI m/m
CAD Core Retail Sales m/m

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