The dollar bulls has been keeping up a good fight but still far away from a confirmed reversal. It’s too early to long the dollar now but things are definitely at an interesting level. But the big news today was from the UK election which hit the pound pretty hard at the end of NY session. There are several outcomes that can come through from the election which will result in a lot of uncertainty for the future. Longing the pound here is would be a risky move.
I had some profits on scalping the GBP/USD before the whole fiasco but further selling does catch my eye. I’ll be looking at different pound pairs and see if they offer any shorting opportunities. As for the dollar, I’m still unsure about the bounce.
Today was an usually chaotic day with prices snapping like rubber bands. The dollar went on a huge spike up then a spike down from late London crossing over to New York session. The dollar bears are still healthy while the bulls are attempting to keep pressure. The balances between the bulls and the bears. are definitely intense
I was hoping the dollar sell-off would continue but it was a rather quiet day. Threw in some EUR/USD and GBP/USD long trades and fooled around with USD/JPY shorts. All in all, was a boring and quiet day. Will wait for another snap in the market.
Today was a light trading day to judge price action before a dollar freak out. I just wanted to judge the momentum that was left off from the weekend. Had a couple light EUR/USD and USD/CAD trades. Nothing too crazy.
I had a couple bad GBP/JPY trades in London session before the NFP released. Price action was a bit wonky and things stalled before NFP. A couple minutes before the data announcement I had a holding long GBP/USD trade, which would’ve been a juicy trade, but closed out to avoid slippage. The data ultimately came out to 138k new jobs vs 181k estimate and wrecked the dollar. With this huge selling momentum, the best thing to do is ride the wave and not to call bottoms.
The market has been volatile in the anticipation of the employment data tomorrow. Things have been very tricky to trade while I was at fault trying to force trades. Dollar seems to be in limbo with it reacting it differently among the variety pairs. Tomorrow will be interesting for the dollar.
It’s a short trading week due to the long Memorial day weekend, but it’ll be a volatile week with an employment data for May on Friday. The dollar looks like it’s holding it’s weight and attempting to hold it’s strength. There’s a high probability for an upcoming rate hike so it’ll be interesting to see how the dollar reacts in the anticipation.
The dollar seems to be showing strength and has not had a major down day this week. The continuous days of rising shows that the mini rally can turn into a possible reversal. It’s going to be very important to see where this dollar pulls back to but judging by the recent price action, it’ll be fairly deep.
The dollar finished lower after the FOMC minutes due to some passive tones. A June hike is still on the table but looks like the Feds are taking it cautiously. Data will be the main deciding factor and until June, it looks like there’s a slightly uncertain potential for a rate hike. Given today’s reaction in the dollar, I would personally be wary of longing dollar here.
The pullback finally happened after an extensive push by the dollar bears. This can be a momentary breather from the bears before the next leg down or it can be a start to the reversal fade. Will be keeping an eye out for possible big moves.