Fundamental:
Overall I have a bullish bias for the DXY (USD), given the current recession, it being the federal reserve and the feds current hawkish. Inaddition this week news on the US interest rate will be released, forecasted to increase by 0.75 making the total interest rate at a massive 2.5%. Increasing the interest rate is often used a strategy to reduce inflation.
Technical analysis:
The white light represents the 50% retracement line, pirce has bounced between the 38 and 50% RL- Healthy pull back
The greens lines show the bullish divergence on the rsi, where the price is making lower lows whilst the rsi is making higher lows. The current upsike on the chart has a HIGHER rsi reading then previous prices at similar or higher levels, showing bulls are increasing.
The red box represents a resistance zone in which price was unable to breakthrough, if price manages to breakthrough the resistance zone and THEN find support above the resistance zone then a bullish trend (or bullish thesis) can be confirmed.
Trades:
The pairs I may trade against the dollar: GBPUSD, EURUSD, USDZAR
Pairs I may be trade because of dollar bullishness: EURCAD, EURNZD, EURGBP
Overall I have a bullish bias for the DXY (USD), given the current recession, it being the federal reserve and the feds current hawkish. Inaddition this week news on the US interest rate will be released, forecasted to increase by 0.75 making the total interest rate at a massive 2.5%. Increasing the interest rate is often used a strategy to reduce inflation.
Technical analysis:
The white light represents the 50% retracement line, pirce has bounced between the 38 and 50% RL- Healthy pull back
The greens lines show the bullish divergence on the rsi, where the price is making lower lows whilst the rsi is making higher lows. The current upsike on the chart has a HIGHER rsi reading then previous prices at similar or higher levels, showing bulls are increasing.
The red box represents a resistance zone in which price was unable to breakthrough, if price manages to breakthrough the resistance zone and THEN find support above the resistance zone then a bullish trend (or bullish thesis) can be confirmed.
Trades:
The pairs I may trade against the dollar: GBPUSD, EURUSD, USDZAR
Pairs I may be trade because of dollar bullishness: EURCAD, EURNZD, EURGBP