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The USD is Going Higher from Here...

Currencies / US Dollar May 11, 2017 - 12:19 PM GMT

By: Zach

Currencies Got a great set-up here on the $USD index for readers of The Market Oracle.

The USD will be going higher from here. How do I know? - The charts are
talking (screaming infact) to us!

So, let's take a look at the UUP DAILY, WEEKLY and MONTHLY charts...



1. We have a bullish wedge on the DAILY chart:



2. The bullish falling wedge is gently sloping dowwards into the WEEKLY
50MA, which is also rising:



3. But what really tells me this is going to go much higher is the
MONTHLY chart where we have the same bullish consolidation - a gently
sloping downward trend - but this is heading right into major support at
the MONTHLY 20MA which is also rising!



This is all extremely bullish setup for the USD.

Initial targets are a break above the downward sloping trend line (see
DAILY chart above) just below $26 on the UUP, and then subsequently a
move up to the highs of the end of 2016 at around $26.75.  If this
manages to gain further traction we could see new multi-year highs quite
easily.

As for the news item(s) that will prompt this move higher, that remains
to be seen. All we can say is that the chart is telling us the USD is
going higher - the news is simply secondary.

Subscribers to tradingwithzach.com receive swing trade alerts like this
one, but we use options for greater returns.

So, while a move up to $26.75 on the UUP represents a move up of 4% from
here, trading this using options would give us and our subscribers a
return of over 100%.

PLUS...if we know which way the USD will be going, there are numerous
follow on trades to be had in the precious metals/commodity space, which
we're already plotting our entry into.  

If you want swing trades like these, and want to learn how to trade
options for greater returns, come on over to tradingwithzach.com.

We offer a 7 day free trial with access to a plethora of current and
past trading alert videos for you to abosorb. Our videos are ideal for
beginner traders too.

Zach

https://tradingwithzach.com/

© 2017 Copyright  tradingwithzach - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2017 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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