DXY Long Idea
Weekly Trend: Bearish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: Overall the dollar is still very bullish on all major timeframes and is not showing signs of slowing yet. Currently we’re seeing a pullback to test our new monthly support at 91.500 which is also near our 38.2% fib level. From the current zone we’re looking for rejection with strong bullish setups and confirmations. Look for price action to rally into our prior high and negative fib levels.
Trade scenario 2: Price action remains bullish as long as it is above 91.500, so if we see this level break look for price action to fall toward 90.800 then re-analyze for further bearish movement.
Weekly Trend: Bearish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: Overall the dollar is still very bullish on all major timeframes and is not showing signs of slowing yet. Currently we’re seeing a pullback to test our new monthly support at 91.500 which is also near our 38.2% fib level. From the current zone we’re looking for rejection with strong bullish setups and confirmations. Look for price action to rally into our prior high and negative fib levels.
Trade scenario 2: Price action remains bullish as long as it is above 91.500, so if we see this level break look for price action to fall toward 90.800 then re-analyze for further bearish movement.