Long USD as long as previous low of 96.70 holds

23 May 2017

USD looks good for a bounce.

31 May 2017

Not

USD looked poised for a bounce and did in fact bounce a little from where I recommended it at 96.84 (for some reason Tradingview shows 96.94). The chart looked fantastic even just yesterday and looked almost certain to hit 98+. However, at this point, the index has struggled to sustain traction and the chart looks less and less attractive from a long perspective. With that said, I'm not convinced that my original bet has been invalidated nor am I convinced that it is not going to go up from here, but I am prepared to jump ship, especially if I think it is going to lose 96.70. Anyway, the moral of the story is that I am way less sure that it is going up after these developments and am prepared to exit at any time.