Entry: Long Dollar on the break out from the flag and taking out previous high of 97.73 for confirmation.
Stop: Use 97.00 psychological level or 96.98 which is 76.8% retracement of the flag high to low.
Target: Using the Flag pole as an estimate to a target - we have 100.37 (which was previous target)
Trade Invalidate if:
- Fed members talk down the dollar
- A Dovish remark made by Yellen
- Suggestions that September rate hike is questionable
- Worse than expected employment data
Stop: Use 97.00 psychological level or 96.98 which is 76.8% retracement of the flag high to low.
Target: Using the Flag pole as an estimate to a target - we have 100.37 (which was previous target)
Trade Invalidate if:
- Fed members talk down the dollar
- A Dovish remark made by Yellen
- Suggestions that September rate hike is questionable
- Worse than expected employment data
