Hammer and DXY
Updated
The DXY formed a hammer on daily bias (marked in purple) and is turning a spinning top on 4 hourly and 2 hourly.
That means that bears are lose selling volume and at he weekly level (i marked in grap line)
To go long , it need one more time to retest the weekly level to go around 98.80 (take profit), because it forms a bullish ABCD.
Set your stoploss under the pinbar on 2 hour .
I always update my DXY analyse to know further in which direction dollar goes this week.
A fundamental sight; i think we will have positive ISM monday and because the consensus is positive, we will for sure go higher in dollar on monday.
tuesday , wednsday, thursday and friday i see a better than forecast but not the non farm payroll,because unemployment i see still going higher from the lockdown although some States were opening, it might be better.
Like and share your thoughts what you think about this analyse and the direction of the dollar.
Like and share.
Have a nice weekend and safe risk management this week
That means that bears are lose selling volume and at he weekly level (i marked in grap line)
To go long , it need one more time to retest the weekly level to go around 98.80 (take profit), because it forms a bullish ABCD.
Set your stoploss under the pinbar on 2 hour .
I always update my DXY analyse to know further in which direction dollar goes this week.
A fundamental sight; i think we will have positive ISM monday and because the consensus is positive, we will for sure go higher in dollar on monday.
tuesday , wednsday, thursday and friday i see a better than forecast but not the non farm payroll,because unemployment i see still going higher from the lockdown although some States were opening, it might be better.
Like and share your thoughts what you think about this analyse and the direction of the dollar.
Like and share.
Have a nice weekend and safe risk management this week
Note
This isn't a hammer, but almost an hammer. it isn't 2 times bigger than the body so there won't be strong reversal; weak reversal and after that it can go lower
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