Beginning with our weekly timeframe, we have seen that US30 has twice struck a zone of strong resistance. US30 hit an all-time high of 39,984.1 on April 1, 2024. On Monday, May 20, 2024, that level was again hit, forming a double top and, in accordance with our trendline, a resistance level.
The market subsequently dropped right away to the zone 38,023.1, which was a solid area of support. We are now in a bullish rise that I believe will retrace to about 39,007.1. At that point, I will open a sell position and aim to capture my profits at the levels listed below.
TP1: 38,799.2
TP2: 38,348.6
TP3: 38,017.5
TP4: 37,673.3
TP5: 37,282.4
Moreover, if the forex gods are insane
TP6: 36,026.4
I appreciate you viewing my analysis.
Any and all criticism is appreciated.
The market subsequently dropped right away to the zone 38,023.1, which was a solid area of support. We are now in a bullish rise that I believe will retrace to about 39,007.1. At that point, I will open a sell position and aim to capture my profits at the levels listed below.
TP1: 38,799.2
TP2: 38,348.6
TP3: 38,017.5
TP4: 37,673.3
TP5: 37,282.4
Moreover, if the forex gods are insane
TP6: 36,026.4
I appreciate you viewing my analysis.
Any and all criticism is appreciated.
Trade active
The sell orders have been activated after we hit our sale zone. I hope the gods of currency are with you. Note that this is not investment advice. I'm expressing my thoughts and my forecast for what I believe the market will do.
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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.