MarketBreakdown | Dollar Index, USDJPY, USDCAD, AUDUSD
Updated
Hey traders,
here is a brief technical outlook of 4 peculiar instruments on my watch list.
1️⃣ Dollar Index (DXY) - Daily time frame 💵
The index is trading in a strong bullish trend.
Since the beginning of March, the market started to consolidate within a horizontal trading range.
Its bullish breakout will trigger the next strong bullish wave
while its bearish violation will lead to an initiation of a correctional movement.
Also, while the market is consolidating, consider range trading selling from resistance and buying from support.
2️⃣ USDJPY - Monthly time frame 🇺🇸🇯🇵
The pair is approaching 6 years' high.
Chances will be high that the price will start a correctional movement from that structure.
Wait for confirmation to short.
3️⃣ USDCAD - Weekly time frame 🇺🇸🇨🇦
The market broke and closed below a major rising trend line on a weekly.
It is a very strong bearish clue and now the pair can drop lower.
Bias is very bearish and I am looking for shorting opportunities on a retest of a broken trend line.
4️⃣ AUDUSD - Weekly time frame 🇦🇺 🇺🇸
The pair is approaching a strong weekly structure resistance.
I am expecting a pullback from that structure.
Wait for confirmation on lower time frames to short.
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