In 4 hour chart we can see a bearish momentum is continuing from the MAJOR CHOCH ORDER BLOCK (103.383-103.910) after getting all the liquidity of the inducement level (103.143-103.337) but now the price is near the MINOR CHOCH ORDER BLOCK (102.006-102.212)
The price may pullback from this zone and get more orders from the new order block (102.950-103.184) and fall towards the MAJOR CHOCH ORDER BLOCK (100.788-101.002) with some correction.
P.S. This Major CHOCH Order Block (100.788-101.002) is the Support Level of the Descending Triangle from Daily Chart.
In day chart
DXY DXY has formed a Descending Triangle and about to complete its Elliot's ABCDE triangle wave.
The scenario is still Bearish so far.
The price may pullback from this zone and get more orders from the new order block (102.950-103.184) and fall towards the MAJOR CHOCH ORDER BLOCK (100.788-101.002) with some correction.
P.S. This Major CHOCH Order Block (100.788-101.002) is the Support Level of the Descending Triangle from Daily Chart.
In day chart
DXY DXY has formed a Descending Triangle and about to complete its Elliot's ABCDE triangle wave.The scenario is still Bearish so far.
Note
A V Share Recovery we may expect from DXY.
Currently the price is at Major CHOCH Order Block (101.013-101.362)
Price may bounce from here and move towards the Order Block (102.950-103.184) that is not mitigated yet.
CPI is going to play a big role today.
Note
Price has completed the E wave of Descending Triangle.
The break of Support level can lead further decline of DXY
Note
A possible long entry before another drop
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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.