US dollar Index has finally reached its Monthly, Weekly and Daily support area. A support area across all the higher time frames. Another reason that it is a Key level area because if look back on the previous candles, price has not been able to break that level.
So what to take note off:
Usually I like to refer to the DXY if and whenever I trade any pairs...
Reference from last idea post:
Price has created breakout to the downside.
Will be looking for sell entries when price pulls back, looking at zone 1.27038 - 1.27220 (Grey Box) about 20 pips zone. That will be my point of interest.
Price will likely go downwards towards Daily support area at 1.25913.
After which price will need to break out the Daily support...
Previously, the last post mentioned that GBPUSD is going bullish. Direction was correct as speculated as it was heading up to reach for the Weekly’s resistance.
CPI pushed the price up and FOMC news pushed the price down as Feds are not cutting the rates in June. Price continues to downtrend during PPI news.
At the moment, when price breaks below the Daily...
GBPUSD looking bullish. look like price can head up all the way to 1.286.
Price will likely to do a retracement before pushing back up. Retracement can head down towards 1.267, a shorter pullback and 1.261 for a longer pullback before price moves back up.
I am looking at 2 zones for a buy if the pullback appears:
1st Zone: 1.265 - 1.2675 (25 pips zone)
2nd...
