USDX BULLRUN EXT
Updated
Here we see the KING of all pairs, the USD INDEX. It is about time we did a chart on the mac daddy of all price action, the Dollar BASKET.
What we have framed here is a solid RETEST of the bear trend that started last year once everyone WOKE UP and realized the dollar is garbage.
However Powell and the FED are not done and a long run of strong USD data, including a very good jobs report, has been proping up the dollar.
From a technical aspect there was a very solid TREND LINE BREAK and a subsequent DOUBLE RETEST around the 102.5 Area, followed by a BREAK of the RESISTANCE that was established by the bull move that broke our bear trend line.
Currently we are seeing a RETEST of this RESISTANCE TURNED SUPPORT and assuming this area can hold the next fib zone should be a stop at 105.5 area, as we see multiple tests here. PMI and FOMC minutes should provide more volumes for any potential move this week.
What we have framed here is a solid RETEST of the bear trend that started last year once everyone WOKE UP and realized the dollar is garbage.
However Powell and the FED are not done and a long run of strong USD data, including a very good jobs report, has been proping up the dollar.
From a technical aspect there was a very solid TREND LINE BREAK and a subsequent DOUBLE RETEST around the 102.5 Area, followed by a BREAK of the RESISTANCE that was established by the bull move that broke our bear trend line.
Currently we are seeing a RETEST of this RESISTANCE TURNED SUPPORT and assuming this area can hold the next fib zone should be a stop at 105.5 area, as we see multiple tests here. PMI and FOMC minutes should provide more volumes for any potential move this week.
Note
BULL RUN LOOKING EXHAUSTEDPOTENTIAL USD WEAKNESS INC
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