EURUSD long trade.
Rejection of prior lows and ascending trend line
At major support level
DXY at major resistance - Expecting a rejection and bearish move from here
Dollar monthly head and shoulders in play. Expecting a bearish dollar until the end of the month to give a weak candle close.
Good Morning Traders
Looking on the 60 minute timeframe, price has recently retraced in a 3-wave pattern from the recent high (0.714) into the 61.8% retracement. Adding to the set of confluences is the RSI indicator which currently nears overbought territory. Where price currently sits at is a perfect level to enter for a sell, providing an adequate risk/reward of...
The current bull run in the dollar could be coming to an end by the latest 2021. By thenwe should see a strong reversal in the DXY as the Fed likely eases to avoid the coming forecast recession. Prepare accordingly by amassing hard assets such as gold, silver and other commodities.
EUR/USD Buy opportunity
- Price has moved in a sidewards range since 20th Feb.
- The range bound correction came after a strong impulse. Beginning to look like an extended flag pattern.
- DXY Index (4hr) currently forming a correction for possibly some further downside. (96.30) is a key level on the dollar index that if broken Tues/Wed could fuel the euro...
As I said last week dollar break old intermediate Highs and make intermediate new Highs, now I am expecting that dollar make a little retracement to 97 and continue falling or just to continue falling until 96.20 0r 96.
For me is a strong sell for the confluence with order block, Fibo retracement, institutional price and Net short.
Like & Follow
1, The Gartley
2, Rising Wedge
3, Bearish RSI Divergence
Target is based on the bottom bound of the Ascending Channel
On the flip side, price can continue to the top bound of the Ascending Channel and then drop
I drew my chart on the greenback last week some time and thought I would share as it has significant impact on major pairs as well as the price of GOLD.
For the time being we are seeing bears gaining momentum.
Keep a close eye on the $
Draw up your analysis on the Dollar, Sterling and Euro, and Gold.
Are there emerging patterns? Lets look again on Sunday at...
2018 has been a very exciting year for the dollar thus far. Volatility has sky rocketed in the last couple of months, the FED has indicated a reduction in QE and Donald Trump has been tweeting away. In my view, I believe the dollar holds a more bearish outlook due to the following factors:
1. Rise in political tensions between China and US
Dollar Index Monthly - Structure speaks for itself. Big moves to the downside expected. This correlates well with global indices and Oil they are also indicating a big correction on larger timeframes technically.