Currently USD is testing the 2 year low. I would be looking to buy the dollar index at 79.64 or lower. My first target would be 79.94 followed by 80.09. We might see some dollar strength so I might just let the trade run after that. My stop loss would be a close below 79.47.
The Silver is currently trading the 2013 low. I would be looking to buy the Silver if it shows any bullish showcards. Your first target would be the 19.82 followed by 20.14 and lastly 21.75. Stop loss would be determined when showcard appears.
The market really took its own sweet time to move to the first level target which I posted on 20.03.2014. For the entry, please click here. A total of 11 trading days to hit 80.48. My average entries were at 80.00. After hitting my first level target, I usually have a habit of taking of 50% of my entries and protect the balance 50% by shifting my stops to one pip above my entry. I had my second level target at 80.61. However the highest it went was 80.60 and USDX drop from there. I was stopped out yesterday with one pip profit.
I have bought USDX at market with smaller lot sizes. I will buy more if I see 79.74. I would split this trade into 3 portions. My first target would be 80.48 followed by 80.92. If both targets are achieved, I will let the third trade run and take as many pips as possible.
The Dollar index (USDX) is currently trading at the 2013 – 2012 support area. I would be on the lookout for any sign which indicates the price is ready to go into a buy mode. Currently there is no momentum in the price yet. I would be looking at today’s FOMC statement release to see if the dollar can come alive. Will update as I see the moves coming in.
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