lousy day today.... offers and bids in a narrow range, USD news stabbed the stocks first, then the dollar...
I'm dancing with the devil here... buying dips, taking profit to reduce drawdown.... cash in the bank, debts rolling
Anyway, here is my view. Better late than never I guess...I should have posted this last night..sorry. I am not sure if you guys get my updates automatically from the website or if you even care.
The 9594 demand level we have been focused on prevailed today as the market moved up. Based on price action today, you may have covered your short position that was established at 9683, but the market closed at 9690 only 7 pips above this level. If you are short, stay short.
Based on today's price action, I recommend traders can look to establish new short positions or add to existing short positions ahead of 9707. I expect a move back through the 9594 demand level and down to the River Level of 9532. Further, I recommend not covering at this level and holding for 9340.
What tells me I am wrong? A significant daily close above the 9707 level.
http://downrivertrader.squarespace.c...d3-27-2007.PNG
Bond Yields Slow Pace of Dollar Decline
Now that the suspense is over and US consumer confidence fell to its lowest level in over 6 months (to 107.2 in March from 111.3 in February), the market dynamics are falling into place in line with our morning call for a lower dollar across the board. The resulting dollar sell-off is particularly notable as the greenback's losses extend to the Japanese yen as US stocks shed losses following the decline in confidence. But the currency's decline is moderated by resiliency on the lond end of the yield curve.
