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US DOLLAR INDEX- False breakout of consolidation or Bullish trend continuation? Price has reached the high of 2003. We also have a potential Head & Shoulders formation on the 4hr which could be a potential Bearish sign.
REMEMBER NFP IS TOMORROW BE MINDFUL!
Due to the current situation with the DXY my overall bias is that we could potentially see minimum a short term sell off on the USD pairs. Due to these reasons I anticipate some bearish movement on USDJPY down to a minimum our weekly support level the 108.480 area. If we see further bearish movement following the previous target my next anticipated target will be ...
We could potential see a double top forming. If the price shows a rejection of our monthly resistance level, I will be looking for sell positions down to the 80.600 area (Monthly Support).
Currently looking for a bullish reversal at this Monthly Support level, with a target of 1.08466 which is my weekly resistance level.
Price has now retraced back to test the support that has now switched to resistance (weekly resistance) there is also a confluence with the 61.8 fibonacci retracement level. Due to these reasons I'm anticipating a bearish reversal.
Please be mindful of the US Election this week.
Recent price has been heavily respecting our monthly resistance level but been forming higher lows. Due to these reasons I will be keeping a close eye on price as it opens as we could be seeing some bullish movement within the blue swing point that its currently in. My anticipated target would be the Monthly resistance level 0.99362.
Remember I always recommend ...
Price is now at a weekly resistance, but hasn't been showing much signs of any bullish movement. Due to these reasons we could see the Dollar continue to weaken. We must also remember it is a sensitive time for the Dollar as the elections are next week. So we will have to watch closely.
Price has been downtrending for some time now forming Lower Lows & Lower Highs. Price has now retraced up to a strong resistance level. Due to these reasons I feel we could see some bearish movement.
Please Be Mindful With The US Election This Week!!
Price was been strongly rejected by our monthly resistance level, price has now stalled at the previous higher low. I'm already in this trade from the 104.000. We could see price push lower but i would await further bearish conformation and price to break the zone marked and also break and retest the counter trend line. Anticipated target around the 101.300 area.
Friday we had a strong rejection of our
monthly resistance level, Due to these reason I anticipate some bearish movement down to the 1.31867 area.