Above is a chart of the British Pound trade, part of the Barry is an idiot trade the world seems to be making. They are running out of the Dollar and into the currencies of the countries that seem interested in getting a handle on government spending. For those Dollar bears, you elected the right man it appears. Just when it was on a very nice comeback run this talk show host made it clear to the world he is clueless and they should run for the hills from the dollar and into currencies of countries trying to get a handle on this situation. It is not too late though. The Dollar has now fallen right into weekly support areas, and the Pound above seems to be setup for a short entry.
The first subgraph here, which tracks longer term momentum does show it being very strong in an upward direction here. The shorter term trend indicators are telling us the opposite story. If this reversal bar we currently have going holds today, I will likely be trying to short this market tomorrow if my last filter confirms it. I cannot run that until after the close, so I do not know if it will make the cut yet.
Here is the US Dollar which is in my buy zone right here and is also accompanied by a nice uptrend in momentum. It Barry's ineptitude powerful enough to thwart this setup here as a buy? It very well could be, we need to hold right here in my opinion for this uptrend to stay intact. Billions betting against his competence could well be enough to reverse this trend. If he could just keep his mouth shut for a week we might be okay, but that hardly seems likely.
Looking at all of this together, if the Dollar were to hold here, it should trigger some sell signals in other currencies like the Pound above.