The U.S. Dollar, shown on its UUP ETF below, continues to operate below a major breakdown level on the weekly timeframe, one we have looked at before. Anecdotally, I am seeing quite a few traders on the Twitter stream looking to short metals and miners, going long the Dollar in anticipation of what the FOMC announcement will be later today.
A retrace back up to the scene of the breakdown on the Dollar would not be surprising, but I am not betting on it. The Dollar has suffered technical damage, without question. What say you?
Beyond this setup, Facebook should be more fireworks with earnings after the bell. The stock has been working off extended conditions over the past week or so.
And SSYS looks like a decent long setup, performing well today relative to other high beta issues.
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i dollar has either just come out of an intermediate cycle low or will come out today or tomorrow. I am Long EUO.
Interesting, thanks H5o
dollar needs another big fat red candle before a snapback rally imo. gold’silver away!
^5
WE’LL DO IT LIVE!
LoL
i want that Gnome…. No strong vote here, I would guess the US and World economy is shoring up but still needs easy money to keep things liquid. So I think the FED will be careful not to introduce any shock either way. Perhaps an obvious statement 🙂
Thanks, pyro. Haha