For me it's important to keep a macro picture in mind to set the context around my trading. What is going to drive everything this year is what happens to the USD. Will the FOMC cut rates? Is the economy as strong as it seems? Are things shaky under the surface?
No matter what happens in the US economy, it'll be caught by this chart. You could use the dollar index futures but it's not perfect and lacks a lot of liquidity. In general most "USD baskets" have EUR as the largest holding, which makes this pair a good inverted proxy.
We can see the MarketWebs are showing bullish 80% rules not only for the year but also for the month. The 80% rule means that there is an 80% chance that price will move from one side of value to the other. It's likely that January will end before its 80% rule plays out, but we are more firmly into the 80% rule for 2024 and many months still to go!
No matter what happens in the US economy, it'll be caught by this chart. You could use the dollar index futures but it's not perfect and lacks a lot of liquidity. In general most "USD baskets" have EUR as the largest holding, which makes this pair a good inverted proxy.
We can see the MarketWebs are showing bullish 80% rules not only for the year but also for the month. The 80% rule means that there is an 80% chance that price will move from one side of value to the other. It's likely that January will end before its 80% rule plays out, but we are more firmly into the 80% rule for 2024 and many months still to go!
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MarketWebs LLC is owned and operated by Web Begole, CMT @WebBegole X/@web_begole and Christian Fromhertz X/@cfromhertz @ChristianFromhertz
MarketWebs LLC is owned and operated by Web Begole, CMT @WebBegole X/@web_begole and Christian Fromhertz X/@cfromhertz @ChristianFromhertz