USDOLLAR trade ideas
USDOLLAR's price starts to slip... We do not expect a wave structure to evolve. Rather, a small ATR low-speed sideways trading. The exchange rate support axes are the D1 ATR axes (purple line).
USD Weakening Against key currenciesVery Straight forward. Looks like a head and shoulders forming. I expect a dramatic fall in the strength of the dollar over the coming months. The USD Index is against a basket containing the Euro, the British Pound, The Japanese Yen and the Australian Dollar in equal amounts. It is geographically balanced and accounts for 80% of worldwide Forex activity.
DOLLAR TRAPPED IN A CHANNELWe need to break that CHANNEL to see more significant moves. If we break it down we should see EURO spiking in theory. With the recent manipulation anything can happen.
USD GETTING CLOSE TO A TURNHi everyone. I've been running several of the usd pairs on and off since dollar started the ascent. I noted today that many of the dollar charts are getting close to breaking support/resistance areas, so I am studying dollar action and what reactions we can get. FOMC is September 26, so dollar can ride these lines or fall back into support and buy up over the next month. We'll see what we get.. USD going into 12110, so we are making some lows on these patterns.
Would it be a possible H&S ?We are sat at weekly resistance + 618 fibo+ weekly pin has been produced last week . What if this is a possible right shoulder for monthly H&S? What are you thoughts?
USDollarPrice is at demand/support with further support below it - supply/resist targets above. If price breaks resist it will climb higher. If it breaks support then they will turn to resist areas bringing price further down.
US Dollar index $DXYThe TVC:DXY is likely narrowing on the top and previous Supply Zone. The is no sign of weakness yet, but the up move can be limited. When DXY is in resistent area, mostly the cross rate will be much sexy..
There were no trades to really consider this week due to FOMCThere were no trades to really consider this week due to FOMC
I am currently tracking a setup and will post it if it is likely to get triggered.
Possible scenario on $USD on dailyShowing the more diversified USD. Hitting 50% and previous S/R-more S/R above and above that is 61.8% and T/L (just an observation)
US DollarPrice is in layered supply of supply falls then it will turn to demand and price will move higher. The tendency with these fast moving bars up is for price to try and reclaim them - I would expect price to retrace down from here. If we see price is in supply then that is how it needs to be approached till it proves it can turn supply to demand
No trade this week.I do not have a trade this week, I am currently traveling and by me providing trades at this time will not be of the highest quality.
I will see if there are more opportunities next week to post.
