Dollar has been in the range consolidation movement from last few weeks which is b/w 92.60-94.00
@ 94.00 is where DAILY BEARISH STRUCTURE is and break of that can only confirms a bullish move to the upside.
Few factors are important in a medium term bullish move
1) Inverted Head and Shoulder - price is making a right shoulder right now
2) Where the right shoulder is forming, there is a bullish flag - price likes to stay in the flag range before a breakout and the range is mentioned above, expect the price to stay in the range and then once break to the upside 94.00 meaning confirming the move. The break of 94.00 is not only break of a bullish flag but also a break of Neckline so keep an eye on it.
What's next week: After having a bullish week last week anticipated, there are 2 options a) price to stay in the range in that case Dollar will correct and will show weakness next week or 2) price will continue Dollar strength and break to the upside
My bias is range movement hence, correction on the dollar (weakness) next week which will in turn help pairs such as EURUSD, AUDUSD to rise
Hope you have enjoyed the analysis
@ 94.00 is where DAILY BEARISH STRUCTURE is and break of that can only confirms a bullish move to the upside.
Few factors are important in a medium term bullish move
1) Inverted Head and Shoulder - price is making a right shoulder right now
2) Where the right shoulder is forming, there is a bullish flag - price likes to stay in the flag range before a breakout and the range is mentioned above, expect the price to stay in the range and then once break to the upside 94.00 meaning confirming the move. The break of 94.00 is not only break of a bullish flag but also a break of Neckline so keep an eye on it.
What's next week: After having a bullish week last week anticipated, there are 2 options a) price to stay in the range in that case Dollar will correct and will show weakness next week or 2) price will continue Dollar strength and break to the upside
My bias is range movement hence, correction on the dollar (weakness) next week which will in turn help pairs such as EURUSD, AUDUSD to rise
Hope you have enjoyed the analysis