Dollar long to short (A controversial idea)
It is no surprise that we have seen an influx of buyers in the dollar market since september when the news about Trump running for the election for a second time built alot of trust in the dollar. However, I don't believe this will last for very long.
Market open we will see either one of two scenarios play out...
scenario A: price will push up slightly causing a further BOS to the upside and taking ASH liquidity before then retracing into the 2H demand in order to mitigate the weekly supply deeper.
Scenario B: Price will drop taking out the buyers from the 2H demand as this area is not yet validated by a structural break, price will then fill the 8H IMB and continue its push upwards into the weekly supply which is further validated against my XAU/USD breakdown.
In conclusion, if not this week then within the next coming weeks we will see price react from this weekly supply or the weekly IMB above in order to continue in its overall downtrend.
REMEMBER all it takes for the DXY to continue dropping is a major news event
Market open we will see either one of two scenarios play out...
scenario A: price will push up slightly causing a further BOS to the upside and taking ASH liquidity before then retracing into the 2H demand in order to mitigate the weekly supply deeper.
Scenario B: Price will drop taking out the buyers from the 2H demand as this area is not yet validated by a structural break, price will then fill the 8H IMB and continue its push upwards into the weekly supply which is further validated against my XAU/USD breakdown.
In conclusion, if not this week then within the next coming weeks we will see price react from this weekly supply or the weekly IMB above in order to continue in its overall downtrend.
REMEMBER all it takes for the DXY to continue dropping is a major news event
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