Comments on: Swing Trade Ideas for Aug 17th https://rightsideofthechart.com/swing-trade-ideas-for-aug-17th/ Stock Trading, Investing & Market Analysis Mon, 20 Aug 2018 14:22:56 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: rsotc https://rightsideofthechart.com/swing-trade-ideas-for-aug-17th/#comment-4825 Fri, 17 Aug 2018 14:46:49 +0000 https://rightsideofthechart.com/?p=187818#comment-4825 Crude oil (via /CL, USO, UWT, etc.) was highlighted as one of the potential swing trading opps in this video along with an update on my near-term bearish outlook for the US Dollar. USO with UDN overlaid in white highlights the inverse correlation (shown as a positive correlation here as UDN is the inverse US Dollar Index ETN) between the US Dollar & crude oil. While there are certainly brief periods where the correlation is disconnected, the arrows show a fairly consistent correlation.

Bottom line: A near-term correction in the US Dollar is likely to spark a short-covering rally/oversold bounce in gold & could also provide a tailwind for crude oil prices. 60-min chart:

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