Today was the FOMC minutes meeting and it seemed like half the Feds were pro December hike, and half was still unsure. As for now, IF data looks decent until December, it looks like the December rate hike is a go. The important information the market needs now is whats going to happen after December. Are we going to have more hikes or is it a one and done type of deal. The dollar didn’t rise from the minutes meeting but I’m still holding onto my long USD/JPY trade.
Still holding onto my long dollar positions over the weekend. I added some more EU short, UJ longs and UCAD longs. NY session wasn’t the best for the dollar bulls but it finally looks like it’s heading up during Asia.
I opened up the charts a bit NY opening and looked pretty clear to me that the dollar was still bullish. Throughout the day I took trades to scalp long dollar but things were just not moving in the right direction. Not sure if it was because it’s the beginning of the month but things were really slow for today. I had some rough scalping losses which made me hold onto some of my long dollar trades. I ended up taking profits during Asia where I was able to recoup most of my losses. Remember, if the market’s not moving, sometimes it’s better to just hold.
Today was a funny day because the dollar started off really strong, and even had a rally after core durable goods orders came out as expected. I was able to long dollar against yen and the peso but had to take profits off quick because dollar pullback back and stagnated until late afternoon. I took some small scalps here and there but closed them out because market wasn’t moving much. I have a small USD/JPY and USD/MXN long that I’ll hold overnight because they still showed signs of bullishness post NY session. Dollar still looks very bull.
Things were interesting and confusing in the dollar because there wasn’t a sure winner against the bulls and the bears. The markets opened strong with a nice push by the dollar bulls but there wasn’t any momentum left for NY. Slow Mondays are not uncommon so it was hard to tell what direction the market was heading. Im holding onto a long USD/MXN due the pair breaking so many important resistances.
Had some attempts to long dollar to see if the momentum from yesterday will keep going. Unfortunately, yesterday’s post FOMC dollar buying came to a halt as dollar pairs hit their supports and resistances. Right now dollar’s pulling back but it’s too early to tell if it’s a reversal or pullback.
Here’s one example of dollar pairs reaching resistance. It’ll need heavy momentum for a nice break followed by a rally.
It was a light trading day today. Had some scalps on the EUR/USD which didn’t move much, but caught a delicious USD/MXN long rally toward the end of the NY session. USD/MXN isn’t a pair I traded in the past, but lately I’ve been loving it. Tomorrow’s FOMC so it should be interesting.
My main trades today was long USD/CAD and USD/CHF. The two safe haven currencies, CHF and JPY, continued going down against the US Dollar. This shows the market trusting the U.S economy a bit more and shows more faith in the global economy as a whole. The Pound increased today due to a nice inflation number and the EUR/USD was pretty much at a plateau. A pullback in the EUR/USD seems possible although another dollar rally would make the markets a bit more fun to trade in.
Today’s dollar rally was something I anticipated on Friday. I regret not holding my EUR/USD shorts over the weekend, but I rarely do enjoy holding positions. USD/JPY gapped open continued to head up 100+ pips, EUR/USD went down 50+ pips, and USD/CHF went up 100+ pips as well. For the most part, I was hoping for a pullback to get back in but the dollar bulls were too strong to dip. It was just short dollar long scalps for today.