Monitoring Rising USD PatternsCurrencies / US Dollar Mar 10, 2017 - 02:03 PM GMT
As we approach Friday's US jobs report, deemed by some as instrumental in determining the already surging odds of a Fed hike next week (and by others as irrelevant), here are a few USD notes worthy of consideration. The 6-currency basket USDX is entering its 5th straight consecutive weekly gain, the longest string of rallies since the 6-weekly gains seen on Dec 2014-Jan 2015 when the Fed ended QE3. Interestingly, we haven't had many uninterrupted weekly USD gains. Here are the most recent ones.
The above pattern suggests that gains of more than 6 weeks in a row are relatively rare. Bearing in mind that next week's Fed meeting coincides with a possible 6th weekly gain, could the USDX top be attained next week? Also, keep in mind that the USDX reached topped out 1 day after the December Fed hike. What does this mean for our directional and tactical trades? Find out here.
By Ashraf Laidi
Ashraf Laidi CEO of Intermarket Strategy and is the author of "Currency Trading and Intermarket Analysis: How to Profit from the Shifting Currents in Global Markets" Wiley Trading.
This publication is intended to be used for information purposes only and does not constitute investment advice.
Copyright © 2017 Ashraf Laidi
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