Short

Still looking to short Dollar

Updated

The dollar is experiencing fundamental weakness due to its data, with yuan transactions surpassing it for the first time. The GDP was worse than anticipated, causing concerns of an impending recession. Today's core PCE data, a crucial inflation indicator, could potentially alter the trajectory of the dollar, therefore, be cautious.

From a technical standpoint, I am searching for a trend rejection.

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The upward trend in gold indicates a potential downward trend in the dollar, providing a positive signal for our trade.

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The recently published core PCE data was in line with expectations, and as a result, there has been minimal movement in the value of the dollar. It seems that the market had already priced in the hawkish shift.

The following paragraph will describe how the market would have responded in both of these scenarios:
-If the core PCE print remains below 0.3% monthly or 4.5% annually, it is likely to strengthen the current market expectations that the Federal Reserve's rate hike cycle will end in May. Although much of the anticipated policy shift by the Fed may have already been priced in, this news would still provide some relief to the markets.
-If the core PCE reading exceeds 0.3% per month or 4.5% per year, it could result in increased uncertainty about interest rates. This could lead to speculation about another Fed hike in June, which would create more challenges for assets sensitive to interest rates such as tech and growth equities and bonds. On the other hand, it may benefit the U.S. dollar.

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TP 1 Hit: 1,65 RR
closing half: 0.5%
secured 0.84%

initial risk: 1%
After closing half, we will move SL to 102.190 which will reduce our risk approximatively 0.25%

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A probable correction before proceeding with its downward trend.

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like i said, the price is correcting see u next week :)

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It appears that the minor trend has been disrupted, indicating that the correction may have come to a close. However, it is important to bear in mind that the release of Manufacturing data today could potentially alter the direction of the dollar.

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The Dollar price is proceeding as anticipated.

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The data has exceeded expectations and the resulting volatility could trigger our stop loss.

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The stop loss was not triggered as the price did not reach it.

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one pip away, for a second time :)

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A double bottom pattern has been broken, accompanied by an RSI divergence .

Trade closed: stop reached

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Total Risk: 1%
Total profit: 0.59%

keechi

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