(DXY) Dollar - Break out pending from its consolidation
The DXY is currently in a consolidation phase, and I expect it to break out soon. Regardless of the direction, we have marked points of interest (POIs) that will help us capitalize on trading opportunities.
- Scenario 1: Price Breaks Upwards
If the price breaks above the consolidation, I anticipate it will fill the imbalance and tap into the supply zones marked on the 30-minute and 8-hour charts.
- Scenario 2: Price Breaks Downwards
If the price moves down, I expect it to mitigate the 16-hour demand zone. This zone appears to be a strong buy setup, likely pushing the dollar back up. There’s also an imbalance above this demand zone that needs to be filled.
Overall, I am favoring an upward move, as this aligns with my bearish outlook on GOLD, EUR/USD, and GBP/USD.
- Scenario 1: Price Breaks Upwards
If the price breaks above the consolidation, I anticipate it will fill the imbalance and tap into the supply zones marked on the 30-minute and 8-hour charts.
- Scenario 2: Price Breaks Downwards
If the price moves down, I expect it to mitigate the 16-hour demand zone. This zone appears to be a strong buy setup, likely pushing the dollar back up. There’s also an imbalance above this demand zone that needs to be filled.
Overall, I am favoring an upward move, as this aligns with my bearish outlook on GOLD, EUR/USD, and GBP/USD.
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