Powell's speech on the 17th March - 6PM UK caused the DXY to dump big time
Made a few FX plays there expecting the dump to retrace which it did but sadly a couple L's due to stops that were too tight
Now its kinda a waiting game that this dump has completely retraced, as both sellers and buyers have been stopped out in effect
Will take today and tomorrow confirmation on the 1D
If we reject the range shown at 92, and tomorrow we close beneath again surely the dollar has to sell off
If we close into the range above 92, I can see it running to 93 as a maximum to take liquidity and bull trap some buyers before selling off
Either way some fx plays should be able to be made and as its macro bearish that is bullish for BTC and its fellow crypto's
Powell did say inflation is forecasted to rise to 2.2% - it should go higher than that
But in this moment that leads to relative dollar stability
Lets see how it closes tonight!
Made a few FX plays there expecting the dump to retrace which it did but sadly a couple L's due to stops that were too tight
Now its kinda a waiting game that this dump has completely retraced, as both sellers and buyers have been stopped out in effect
Will take today and tomorrow confirmation on the 1D
If we reject the range shown at 92, and tomorrow we close beneath again surely the dollar has to sell off
If we close into the range above 92, I can see it running to 93 as a maximum to take liquidity and bull trap some buyers before selling off
Either way some fx plays should be able to be made and as its macro bearish that is bullish for BTC and its fellow crypto's
Powell did say inflation is forecasted to rise to 2.2% - it should go higher than that
But in this moment that leads to relative dollar stability
Lets see how it closes tonight!