Updating our analysis for the DXY #USDollarindex, the market structure has continued to evolve, and as traders / analysts we continue to adapt to the market conditions.
The daily structures and overall momentum is still clearly visible.
We are currently trading in a phase of distribution (corrective phase) following the bearish impulse down, whilst we continue to correct and there is no real change in momentum we will be looking for opportunities to take shorts be it within the structure or on completion, if we do begin to see a shift in momentum, we could see the Bulls regain control temporarily, pushing the Index towards the outer structure resistance levels, in which case, subject to how the price approaches this area we will be looking for longer term short opportunities, whilst capitalising on possible shorter term longs whilst momentum is carried by the bulls.
If we do see price break down, we will be looking for the daily structure to complete and break for a possible move over the course of weeks towards the 88 handle.
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The daily structures and overall momentum is still clearly visible.
We are currently trading in a phase of distribution (corrective phase) following the bearish impulse down, whilst we continue to correct and there is no real change in momentum we will be looking for opportunities to take shorts be it within the structure or on completion, if we do begin to see a shift in momentum, we could see the Bulls regain control temporarily, pushing the Index towards the outer structure resistance levels, in which case, subject to how the price approaches this area we will be looking for longer term short opportunities, whilst capitalising on possible shorter term longs whilst momentum is carried by the bulls.
If we do see price break down, we will be looking for the daily structure to complete and break for a possible move over the course of weeks towards the 88 handle.
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