USDOLLAR trade ideas
USDOLLAR before 3% decline... The analysis indicates the related fractals and their sequence. It is clear that the exchange rate may begin to build a declining fractal. In case the analysis is correct, according to the fractal rules, I expect to construct a double-sized fractal (shown in a green rectangle). The target price is around 12000 levels.
Will the dollar uptrend continue? The dollar has been king for some years now but are we seeing a top?
I would argue the dollar can only go up due to the higher rates compared to other major currency fed rates. Though the obvious doesn't always play out Europe may see a sudden change in sentiment it cant be bad forever. Developing economies are in a rump but when they come out they will benefit from local currency demand plus a stronger yen.
Im sticking to the trend but a reversal would be an interesting opportunity to enter at a top.
USDOLLAR UPTREND INTACTThe USDOLLAR has seen some pullback the last few days but broke out last week.
If the current shallow support holds expecting this to just have been a small correction down before making a new leg upwards. All other currency pairs are in extreme interest rate territories relative to the US so expecting USDOLLAR demand to maintain strength.
Entry level at 12400, stop-loss below 12360
12390 Level can be passed during a fake breakout downwards if it holds below expect further correction downwards.
USDOLLAR before 0.51% decline... The exchange rate does not follow fractal rules for the time being. Therefore I used ATR axis strategy. The white ATR axis indicates that the exchange rate movement is strengthening towards the south. And the green and brown shafts are the standard MA100 and MA200 shafts. Currently, the intersection of the MA100 mirror axis and the ATR mirror axis has stopped further dollar index appreciation. Therefore, I expect further adjustment from this level. Target price is 12336.