I'm publishing an idea just to organize my trading plan for USD. This way you can see the chart and what I drew. Hoping to get your thoughts and how you plan on trading. As of now, it seems more likely the DXY will make another leg down before continuing long term up trend. I do have conviction that USD will continue its rise eventually due to technicals and fundies (basically dollar milkshake theory). I think we're still in wave A of a correction. I think it's wise to plan for wave A ending around the 50 fib level. My preference for playing a leg down in DXY would be short USDJPY. A nice hedge for dollar strength returning before another leg down could be short XAUUSD.
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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.