Dollar set to make higher prices.

2 Jan 2017

Ok traders, this is a basic chart on Dollar which displays the trending form. Understanding when a market is in trend or breaking down is very important. Many times people have been calling for a top on Dollar, however it's my belief we are still not at that point. Dollar needs more selling volume on a top level as well as needs to make continued closes below old swing tops. Not to mention it has continued to go down less in time and price then it has gone up, which is definition of trend basically. The last upswing we saw only lasted 8MD/10CD which was shorter in TIME from the last move down, though in terms of PRICE it did move more up then the move down. So...again, it's signaling that trend is breaking down, but no clear cut signal as of yet. If the Dollar makes continued lower lows into Wednesday then I will be of the belief trend has broken and will abandon my higher targets and look to short on the next pullback. As of now, I still expect the first few weeks of January to be quite bullish for the Dollar. I do see a major top coming in on January 12th/13th and will be looking to add positional shorts for a multi month run down. Take care.