It is all about the Bucky!

In a post 10 days back, I said the US dollar should get support at the 200 DMA. USD went below the 200 DMA only to reverse back above both the 200 DMA and 50 DMA within 2 days. Will USD stay above these 2 supports? You could use these support/ resistances as a reference to enter the market long or short. USD is inversely correlated to the market, keep that in mind.

I am posting the USD chart in the same format as in 2 weeks back. I see further weakness in USD in near future although USD seems to be firming a bit too much in just 2 days. But, having seen this market move 150 SPX points roundtrip in 5 sessions, I urge you to be cautious if you are long or short. Be nimble, and take small positions unless you are super confident. This market is certainly not for the faint hearted!

USD chart as of close yesterday. Stockcharts updates at the end of day. But, as of today morning, USD is at 77.33 in real time which is way above the 50 DMA as shown in the chart. It would be interesting to see if these supports hold.

p.s: Recently, I started tweeting. My twitter page is this.