What is the best Currency to bet against the US Dollar? Some people are bullish on the dollar whereas some people are bearish on the US dollar.
There is an Ichimoku timing element that is about to start today at 5pm EST which will last June 7. This timing element is a bearish. If this is to occur then the dollar will go down. Which currency is the USD the weakest against where if the US dollar moves in general, it can start a major trend?
Below is our heatmap from Ichimokutrade.com where red indicates Bearish and green indicates Bullish.
In order for a trend to occur, the higher time frames have to agree on the sentiment. Therefore, are looking for USD to be the weakest on the Daily, Weekly, and Monthly time frame. Based on the color code above, the USDCHF, USDDKK, and USDNOK are the best currencies. If you take the exotic pairs out, this leaves us with USDJPY.
The heatmap allows us to do research without looking at charts. Most people spend hours analyzing at charts. The problem is the more you spend looking at charts, the more you start getting biased and the research is not real anymore.
With the research we did, we now know to look at the USDJPY for a support to be broken in order it to have the potential downward movement indicating the dollar will get weaker. There is a Daily/Weekly support at 108.71 that needs to be broken .
If you would like to learn how to trade like an institutional trader or learn more about our multi-timeframe email alerts, go to www.ichimokutrade.com or email us at info@eiicapital.com
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