You can tell DXY wants to go higher, its just being suppressed by the powers that be. We're looking at this potential double bottom retest, which if correlated how they should should mean a short-term move up in Gold. Rejection at the support and DXY again is ready to fly. Now what we need to take into consideration is that there a lot of traders long on the...
DXY – 4H
We still have our target of around 92.00. It seemed like DXY was going to go for it last week but it created a double top on the 4H timeframe just before NFP on Friday.
At the moment its left a double top around 91.60 and a right shoulder that needs to be tested around 89.40. Where it goes first will depend on 91.18 level, it could create a H&S...
Please look at our previous DXY analysis for where we took our entry. We're still targeting that 92.00 Level, its just unfortunate we cleared 50% of the trade a week or so ago.
Anyway, i'm sure this will pullback pretty soon.
As always, please trade safe.
We need to be careful today and tomorrow. DXY broke the trend and is forming what could be a short-term down trend. When we look at the chart we can see a potential H&S pattern forming as well as a 4H double top in the making. We need to monitor this as it looks like it could drop down before coming back up.
NOTE:
There is nothing to stop the Dollar and Gold...
waiting for the dollar to pull back then for the next month rally up to a key level, from there break down pass monthly lows, just my opinion please dont base any trades of it.
Happy trading
I can see a strong move to the upside however I would only look for bullish movement if price rejects the blue line a couple of times which would then show me that the pairs that are crossed with this would be bearish. Let's see how this week goes but int his current market structure I can see the push to the up side. Happy trading guys.
