Hello everyone!
There is a high probability that the dollar rally has come to an end. It appears that the impulse, which could have formed wave ((C)) within a flat correction, has possibly completed.
This flat correction, in turn, may be wave b of a presumed zigzag. If this is the case, there is a high likelihood of the dollar declining to the level of 95.50, with a strong resistance level at 98.80. We are observing a bearish divergence between the price and indicators, which suggests a possible trend reversal or at least a correction.
Fundamentally, there don’t seem to be any clear reasons for the dollar to weaken, but… price comes first.
There is a high probability that the dollar rally has come to an end. It appears that the impulse, which could have formed wave ((C)) within a flat correction, has possibly completed.
This flat correction, in turn, may be wave b of a presumed zigzag. If this is the case, there is a high likelihood of the dollar declining to the level of 95.50, with a strong resistance level at 98.80. We are observing a bearish divergence between the price and indicators, which suggests a possible trend reversal or at least a correction.
Fundamentally, there don’t seem to be any clear reasons for the dollar to weaken, but… price comes first.
Trade active
Overall, good news for the bears! It is highly likely that we are seeing a leading diagonal forming wave ((i)) on the hourly timeframe. A correction to the 108.32–108.92 zone is possible now, from where I expect the decline to continue.
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.