Wednesday, September 21, 2011

DXY trade is on

So we have what I discussed last night - DXY is breaking out to new highs. http://viewonmarkets.blogspot.com/2011/09/how-to-trade-us-dollar-after-fomc.html

Now all we do is buy the pullbacks. One has to wonder what news we get out of Europe overnight. Bunch of econodata is on the docket. I expect weakness there to continue, thus giving DXY extra boost overnight. Next level to watch is 78.96 - flat on the year. This would roughly equal to 200 pips in EUR/USD, which is heading to 1.3350 or so.

Good luck!

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