Profit: -$9.00 Total: $1,435.95
This has to be one of the longest dollar correction phases in my trading career. I’m not really used to seeing the dollar tumbling daily like this, but with the global economy in limbo, it’s not surprising. I feel like the only way we can see a pop in the dollar is if there’s any beneficial case for a rate hike such as improvement in data or change of sentiment. Another way we can see the dollar rally is if other currencies begin to decline from macro economics such as bad news from the ECB or BoJ. I hate seeing the dollar so down, I really hope we get some supporting news.
The market has been stuck in a range for a while and basically the best thing to do right now is wait it out. I’m dabbling here and there for potential outbreaks but no luck so far. There’s going to be some important data this week that might offset some moves, however, until I’m going to be waiting on a breakout.