➡️ Long-term #DXY analysis (March 11 - March 16)
- We doubt US data will move the Dollar much today and instead, investors are waiting to see if Friday's February NFP jobs release does indeed correct lower from the strong gains in January and December. Consensus is around 200K and any lower would probably be good for risk assets in that it would allow the short-end of the US yield curve to come a little lower.
- Given the DXY is heavily weighted to European currencies and that we are negative on the Euro today, DXY should find some support in the 103.00/103.30 area today. Friday's NFP data will be the bigger catalyst for a move.
- After touching POI on the weekly frame, #DXY had a strong withdrawal phase, proving that selling pressure appeared, breaking the inside bar pattern and then closing the candle body down. It is predicted that this week #DXY will have a slight recovery then continue to fall to 101,788.
Trade active:
Comment:
PLAN #DXY, after filling the GAP, #DXY has a strong antennae withdrawal reaction, and will likely return to test fvg again. Everyone, please refer to your positions.
Comment:
Everything went as predicted and found the correct resistance area which was confirmed
Trade active:
