So with all the China hoopla around their recent announcement to devalue the Yuan, I was actually stalking a trade in the US Dollar Index (DXY). An Extremehurst compression signal just broke out right on time.
In the first chart below, you can see a monthly scale top extension has kept me on my toes looking for the right entry point to go short DXY.
US Dollar Index – Monthly Chart With Extremehurst Top Signals
And on the daily scale I feel like the compression breakout is a good signal to test the waters on the short side.
I used this opportunity to get short the USDCAD (forex). Â As with any trade, I’ll keep my risk on a leash. But this setup came together at the right time, technically speaking. Thanks for reading.
Twitter: Â @interestratearb
Author is short USDCAD (forex) at the time of publication. Â Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
