Whilst we await further confirmation and direction, As per the chart, we can see huge potential for short term upside, with exhaustion, and huge probability for quite explosive downside across the Dollar basket. We have recently seen great shorting opportunities in USD/CAD, with multiple scale ins and have just at early hours of this morning, seen the corrective phase mature for a further short opportunity in USD/CAD.
If we can complete this pattern to the downside within an impulsive manner, we will be looking for opportunities to short the USD, with the DXY target area around the 88 handle
If we can complete this pattern to the downside within an impulsive manner, we will be looking for opportunities to short the USD, with the DXY target area around the 88 handle