Dollar has just been getting clapped over the last several weeks. We are moving down into a strong weekly support range around 100, potentially down to 98.
We are also forming a descending megaphone wedge pattern, which could see a reversal.
I personally think we might be moving down lower, into the cc golden pocket fib at approx ~98 give or take where we might see buyers step in and bring about a bounce.
In the mean time, BOC (Canada) will be announcing their rate hike decision on the 25th, and the states will follow next week. I think we're going to see a rally as everyone is assuming we will see a 0.25% rate hike, and a potential for pause.
This means the dollar will likely dump on news like that before bouncing.
Short term bearish, but open to a potential relief rally.
We are also forming a descending megaphone wedge pattern, which could see a reversal.
I personally think we might be moving down lower, into the cc golden pocket fib at approx ~98 give or take where we might see buyers step in and bring about a bounce.
In the mean time, BOC (Canada) will be announcing their rate hike decision on the 25th, and the states will follow next week. I think we're going to see a rally as everyone is assuming we will see a 0.25% rate hike, and a potential for pause.
This means the dollar will likely dump on news like that before bouncing.
Short term bearish, but open to a potential relief rally.