Hello traders. I apologize for the skeleton idea from yesterday. Time was tight but I wanted to share ASAP.
I have chosen three USD related asset classes to compare and also to support my EUR/USD long ideas.
USD 10Y bond has already put in a shooting star on the daily chart and is currently on track to close the week a touch below the 4.335% high from October 2022. The slow stochastic and Williams are also turning down on the weekly chart.
USD index(DXY) completed a Doji candle today and was rejected on the third touch of the downtrend line from 3/8/2023. RSI, slow stochastic and Williams are all turning down too.
USD/JPY has closed on a daily basis below the weekly breakdown level at 146.64 and if the current daily candle closes below 145.57, it will complete a evening star formation.
In conclusion, if EUR/USD closes the week above 1.0911 and the abovementioned candles close as mentioned, it may point to a reversal in USD, despite the positive economic prints. On the other hand, August can be a tough month to trade any asset class, so I would suggest to wait for positive confirmation for more cautious traders and for the aggressive traders, well, you should know the downside risks before placing a trade.
Good luck, everyone. I have included the link to my EUR/USD idea.
I have chosen three USD related asset classes to compare and also to support my EUR/USD long ideas.
USD 10Y bond has already put in a shooting star on the daily chart and is currently on track to close the week a touch below the 4.335% high from October 2022. The slow stochastic and Williams are also turning down on the weekly chart.
USD index(DXY) completed a Doji candle today and was rejected on the third touch of the downtrend line from 3/8/2023. RSI, slow stochastic and Williams are all turning down too.
USD/JPY has closed on a daily basis below the weekly breakdown level at 146.64 and if the current daily candle closes below 145.57, it will complete a evening star formation.
In conclusion, if EUR/USD closes the week above 1.0911 and the abovementioned candles close as mentioned, it may point to a reversal in USD, despite the positive economic prints. On the other hand, August can be a tough month to trade any asset class, so I would suggest to wait for positive confirmation for more cautious traders and for the aggressive traders, well, you should know the downside risks before placing a trade.
Good luck, everyone. I have included the link to my EUR/USD idea.
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