U.S Dollar Index Futures--- The U.S dollar in the September contract settled last Friday in New York at 93.41 while currently trading at 93.04 down about 37 points for the trading week as I have been recommending a bearish position from around the 93.40 level if you took the trade the chart structure is outstanding so continue to place the stop loss above the 10 day high at 93.77 as this trend clearly is to the downside.
I am looking at adding more contracts on any type of price rally in next week's trade due to the fact that the risk/reward is in your favor and if repercussions do occur between North Korea and the United States the dollar will fall rather dramatically as this trend remains intact.
The next major level of support is the May 2nd 2016 low of 91.88 and if that level is broken I think we could head to the 90 level rather quickly as there is room to run to the downside with very little support as that's how far the dollar had rallied in 2016 so continue to play this to the downside and if you are not involved wait for some type of rally to sell a futures contract as I remain bearish.
The U.S dollar is trading far below its 20 and 100 day moving average telling you that the trend remains to the downside as the currencies are an extremely trendy commodity as they can last for long periods of time just like what is occurring in 2017 so stay short.TREND: LOWER–CHART STRUCTURE: EXCELLENT
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