The Dollar (DXY) index can give us an idea where major markets may move in comparison to the strength of USD.
I am seeing a compression formation in the form of a wedge which may be classified as a reversal pattern. We are approaching the 200 EMA which will likely be strong resistance.
The dollar found strong support at the monthly liquidity level with an immediate reaction.
It's possible we will see some volatility over the coming weeks as price decides which direction is wants to move.
Looking for a potential pop up to 104 / 105 into our weekly resistance zone before continuing the down trend. Most indicators are showing oversold regions after the dollar has been dropping over the last few months.
What are your thoughts?
I am seeing a compression formation in the form of a wedge which may be classified as a reversal pattern. We are approaching the 200 EMA which will likely be strong resistance.
The dollar found strong support at the monthly liquidity level with an immediate reaction.
It's possible we will see some volatility over the coming weeks as price decides which direction is wants to move.
Looking for a potential pop up to 104 / 105 into our weekly resistance zone before continuing the down trend. Most indicators are showing oversold regions after the dollar has been dropping over the last few months.
What are your thoughts?
Comment:
Hoping to see some resistance at these levels on the dollar as this wedge takes formation.
Comment:
Fighting resistance
Comment:
Pushing up, looking towards my daily level at roughly 104.600
Trade active:
Short Dollar from daily zone, 104.800 - 105.00
Trade closed: stop reached:
dollar just ripping. Seems to be extremely strong. I wont be surprised if we pull back, but for now I will close this trade and look at better entries.
Comment:
Looking for this bad boy to start coming down now.
Comment:
As expected