City Trades: Greenback in the black.
Investors Chronicle - magazine and web content, June, 2009
Byline: Tarquin Coe
TRADING IDEA: The charts say buy dollars via an ETF
The PowerShares Dollar Index Bull - an exchange-traded fund linked to the trade-weighted US dollar - has bounced explosively off the lower channel support of a seven-month range, says Tarquin Coe at Investors' Intelligence.
Momentum has also turned up from oversold levels, illustrated by the MACD registering a bullish cross-over for the first time in six weeks.
Given the close proximity of support, buying now provides a favorable risk-to-reward ratio. A move towards the top of the multi-month range at $26.60 is expected. This view would be negated on a close below $23.
IC Trades are written by Investors Chronicle writers. City Trades are written...
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