Dissecting the waves in Dollar
Here we are tracking Dollar sitting at key resistance between 97.5 - 97.7. This is an ABC target from a sequence that started in March. Bulls will need to get above 97.7 to confirm a break, till then I see scope for one final move to the downside.
This is a counter trend trade so I would only recommend taking if you know exactly how to manoeuvre in this environment. A reversal here can retrace as far as 95.5 which is another ABC target since March.
For those tracking oscillators, they are extremely overstretched at current levels and objectively this is a sensible place to start watching for signs of a turn.
Tracking 97.7 very closely here as a break above will open up below 1.115 in EURUSD and will confirm a breakout to the upside in all Dollar pairs.
Best of luck all positioning for a break up or another leg down in Dollar, both sides are tradable and remember to stay nimble here.
This is a counter trend trade so I would only recommend taking if you know exactly how to manoeuvre in this environment. A reversal here can retrace as far as 95.5 which is another ABC target since March.
For those tracking oscillators, they are extremely overstretched at current levels and objectively this is a sensible place to start watching for signs of a turn.
Tracking 97.7 very closely here as a break above will open up below 1.115 in EURUSD and will confirm a breakout to the upside in all Dollar pairs.
Best of luck all positioning for a break up or another leg down in Dollar, both sides are tradable and remember to stay nimble here.
Related publications
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.