DXY Weekly Analysis
Analysis
Sentiment: Short
Market Structure: Confirmed Double Top
Daily Resistance Level: 97.500
Daily Support Level: 95.500
Other Key Levels: 98.200 - 97.300 - 96.169 (50% Retracement Level)
Predictions
After the retest of the neckline, I would now like to see a retest of the 97.000 level if we get a retest at all. If we do not see any pullback the first bounce will occur around the 50% retracement level at the 96.169 area. The next short confirmation I will be looking for is a break of the weekly trend line pictured below. This would begin to form the right shoulder of the head and shoulders pattern appearing on the monthly time frame.
I will be looking for movement down to the 95.500 level after the retest of the 97.00 level and if we can get a clear break pass the 50% retracement.
There may even be higher retest if the Fed decides to lower interest rates, specifically back to the 97.500 level.
What would make this trade invalid?
A clear close above 97.500 would be the first sign
Market structure (double bottoms) around the 50% retracement level on the daily timeframe
A bounce off of the weekly trend line
View how this prediction turned out on Tradingview
Anthony Sledge
Sentiment: Short
Market Structure: Confirmed Double Top
Daily Resistance Level: 97.500
Daily Support Level: 95.500
Other Key Levels: 98.200 - 97.300 - 96.169 (50% Retracement Level)
Predictions
After the retest of the neckline, I would now like to see a retest of the 97.000 level if we get a retest at all. If we do not see any pullback the first bounce will occur around the 50% retracement level at the 96.169 area. The next short confirmation I will be looking for is a break of the weekly trend line pictured below. This would begin to form the right shoulder of the head and shoulders pattern appearing on the monthly time frame.
I will be looking for movement down to the 95.500 level after the retest of the 97.00 level and if we can get a clear break pass the 50% retracement.
There may even be higher retest if the Fed decides to lower interest rates, specifically back to the 97.500 level.
What would make this trade invalid?
A clear close above 97.500 would be the first sign
Market structure (double bottoms) around the 50% retracement level on the daily timeframe
A bounce off of the weekly trend line
View how this prediction turned out on Tradingview
Anthony Sledge
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.