Dollar Double Top
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Bearish divergences on all indicators. Is this a Double Top that Dollar is formed/forming? Let's see. Tight stop for shorts is 95.53.
Broader stops align with the 100 WMA at 95.56 or let some wiggle room for overshoot.
For Long-term analysis see
Broader stops align with the 100 WMA at 95.56 or let some wiggle room for overshoot.
For Long-term analysis see
Note
Double top confirmed on both weekly and on the daily time frames. See below. Congrats for those who took the trade, but do not worry if you missed it, you can still take the short side.
Note
Today was a good opportunity to enter a short trade if you missed previous ones, or add to the existing ones. Watch out for the Monthly 50MA. Once it is taken out the Dollar is toast. This I will explain it in a different idea.Note
200 MA on the 4hr timeframe held as support twice for now. Just like the 100MA did. Third time it is not going to. Note
There it goes down through the 4hr 200 SMA.Note
Use green days (candles) or upticks to take short position or add to existing trades.Note
Friday was a nice bearish reversal and possibly forming the right-shoulder.Note
I know bulls are seeing USD Index at the prices of 100-110, but check the bearish divergencies developing on weekly charts for weeks now and also there is the 100 Weekly SMA that provided resistance for the Double Top. Overshoot is possible but I expect a reversal. If 2 daily candles can close above 95.53 then I consider changing my mind.Note
No close above 95.53. I asked Trump to tweet something so USD retraced, lol. Lets see tomorrow.Note
Russia dumped its US-treasuries holding. Trump is tweeting about how bad the strong dollar is. Do you want more confirmation that the USD is already in a bear market?Note
Time for a breather after such a big drop. New opportunities to enter short trades.Note
Daily 10 SMA was nice resistance, price reversed back from it. Now watch for the Daly 50 SMA as it supported the price but I do not think this time it will.Note
One more attack of the top. Huge restence above. Still I don't expect a daily close over 95.53.Note
It took some time but it closed above the resistence line. It was fun to play the swings. Now it is time to reevaluate.
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