Forex Signals: USD Poised For Strength
PipHut | Oct 29, 2013 05:40AM ET
General Market Commentary: The US stock are poised for a correction, gold is poised for a rally, leading to a potent risk-off opportunity that also coincides with the USD-index being a significant support level. As a result, the consolidation we are currently seeing in EU and other pairs could lead to a reversal in some of the established October-trends, creating an opportunity to get long on the dollar. Of course, timing is always the key so we will be watching these leading indicators in the coming days for profitable entry points.
Yesterday’s EUR/USD Signal Result: No trades taken yesterday to report on.
Today’s Signal: EU is consolidating in a 60 pip range between 3770 and 3830 and we will look to trade either direction – long on a resistance break or short on a support break with a TP of 80 and a SL of 50. The longer-term trend is definitely bullish but the USD index is showing signs of reversal, as we discussed above, increasing the likelihood that a support break will open up 1.3700 and below.
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