Forex Analysis: Buying US Dollar Dips
As noted on the real time news feed from earlier this morning, I think that the US Dollar remains well on the way to further advances. This likewise lines up well with our retail forex sentiment indicator which shows that the majority of traders have sold into USD advances.
I remain in a small USDJPY position, and I'd like to add on any dips towards resistance-turned-support at ¥80.65.
For the AUDUSD I'll take much the same approach--I'll look to sell the Aussie if it hits support-turned-resistance near $1.0360.
Stops on both the Aussie and USDJPY positions will be placed at the subsequent swing high or low.
I'll keep my thoughts posted via the forex real time news feed.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up to David’s e-mail distribution list via this link.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.