DXY is currently ranging in a huge range. Last night buyers jumped in and has been ranging ever since.
My short term view on DXY is that it is still bearish, for the time being at least. To confirm this sentiment, I would need to see DXY continue downward and make a lower low, while breaking a key level.
But if DXY goes up from here breaking the bearish structure and creating higher highs, then my sentiment will quickly change.
To me it looks like this entire structure is a consolidation within a larger long term bearish structure (see image below).
The reaction at this level is quite important for the overall structure.
If I can see confirmation of the bearish sentiment, I may look to enter shorts on USD pairs for London Session.
If it reverses, my strategies will trigger longs, and I will enter longs from there.
Long Term View is also Bearish
Let me know your thoughts.
Trade Safe!
HEET
ps. I generally post alot of updates as the idea/trade evolves. If you wanted to stay updated, please click the "Follow this idea" button.
My short term view on DXY is that it is still bearish, for the time being at least. To confirm this sentiment, I would need to see DXY continue downward and make a lower low, while breaking a key level.
But if DXY goes up from here breaking the bearish structure and creating higher highs, then my sentiment will quickly change.
To me it looks like this entire structure is a consolidation within a larger long term bearish structure (see image below).
The reaction at this level is quite important for the overall structure.
If I can see confirmation of the bearish sentiment, I may look to enter shorts on USD pairs for London Session.
If it reverses, my strategies will trigger longs, and I will enter longs from there.
Long Term View is also Bearish
Let me know your thoughts.
Trade Safe!
HEET
ps. I generally post alot of updates as the idea/trade evolves. If you wanted to stay updated, please click the "Follow this idea" button.
Note
We got a lower low on DXY and candle closure below the key level (barely). I would like to see more confirmation before I am convinced it will push down further. Note
We got that clean candle close below the key level on DXY. I am expecting further downside now.
Note
For those that saw my analysis on the potential H&S that I posted the other day, we have just passed the shoulder line. Feel free to have a look at the full analysis here:
Note
We created a lower low on DXY. But price is consolidating in a new order block. As structure is being created and we are right before NY open, I wouldn't be surprised if we saw a retracement pushing up before coming back down.
Note
As anticipated a bigger pull back. Still creating much lower highs. My trades are still open but I am watching this new order block closely and getting ready to close them out if I see a break up.
Even though DXY has strengthened, EUR is starting to gain some strength too. This could help to push DXY back down.
I am still anticipating a stronger push down on DXY. But really need to wait and see how this plays out whether I remain in the trade or not.
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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.