Hello Traders,
Just a quick update on the dollar and my view on it.
We have bounced at 100.4 Support (2015 / 16' Highs).
Bulls are still in control of the pair but further follow thru is outlined by a break above 50 MA Resistance.
Moving Averages:
The 50-Day Moving Average has flat-lined which to me displays a loss of momentum to place the probability of a significant push higher in the meantime on the back end. With probability of a deeper pullback to the 200-Day Moving Average as a possibility.
Price bounced at the 100-Day Moving Average which is technically bullish although bounces at the 100-Day Moving Average tend to be halted by a flat-lining 50-Day Moving Average. Only time will tell if price can make a push to test the 1-Year all time high at 103.82.
Trading:
Whether you are long from the previous break above the 200-Day Moving Average (outlined on chart), or entered long at the 100-Day Moving Average support or horizontal support at 100.40 protective stops can be placed below the current two lower bound pivots (outlined on chart).
RSI is steadily climbing higher showing the ability for further momentum higher to potentially test 102.60.
Trade smart, and with a plan.
Just a quick update on the dollar and my view on it.
We have bounced at 100.4 Support (2015 / 16' Highs).
Bulls are still in control of the pair but further follow thru is outlined by a break above 50 MA Resistance.
Moving Averages:
The 50-Day Moving Average has flat-lined which to me displays a loss of momentum to place the probability of a significant push higher in the meantime on the back end. With probability of a deeper pullback to the 200-Day Moving Average as a possibility.
Price bounced at the 100-Day Moving Average which is technically bullish although bounces at the 100-Day Moving Average tend to be halted by a flat-lining 50-Day Moving Average. Only time will tell if price can make a push to test the 1-Year all time high at 103.82.
Trading:
Whether you are long from the previous break above the 200-Day Moving Average (outlined on chart), or entered long at the 100-Day Moving Average support or horizontal support at 100.40 protective stops can be placed below the current two lower bound pivots (outlined on chart).
RSI is steadily climbing higher showing the ability for further momentum higher to potentially test 102.60.
Trade smart, and with a plan.