Day 328: No bottom for the dollar

Profit: $2.46 Total: $1,304.02

There just seems to be no bottom for the dollar as the dollar index continues to make newer lows. EUR/USD and GBP/USD are touching their multi-month highs while USD/JPY broke support and headed to the 106’s. It seems there is no hope for the dollar until the Fed’s turns a bit hawkish and hint on a clearer plan for a rate hike. It’s a new month next week which means there will be a NFP release. Can a stellar payroll report save the dollar? I have little to no hope.

I tried messing around with longing the dollar because GBP/USD and EUR/USD are at massive resistances. The dollar is weak despite what technical analysis says. I didn’t try to force a trade and watched the dollar bears take over. At this point, I need to observe price action without getting in a trade. The risk and reward is horrible to short the dollar here, while longing the dollar seems a bit too risky.

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