It appears that we may see some temporary downside to DXY, which could give us some nice moves for USD intraday trades.
Momentum is starting to look exhausted and we can see a break & retest of a bullish structure breakdown.
If we start to see a downward move, the first target will be the support around 91.4 area close to the 0.382 fib.
The next target will be the key level around 91.1 area.
The next target after that will be the support strcuture around 90.7 area close to the 0.618 fib.
I believe this is only temporary because long term, I am expecting that we may see more volatility in the markets giving the safe havens more bullish momentum.
Let me know your thoughts.
Trade Safe!
HEET
Momentum is starting to look exhausted and we can see a break & retest of a bullish structure breakdown.
If we start to see a downward move, the first target will be the support around 91.4 area close to the 0.382 fib.
The next target will be the key level around 91.1 area.
The next target after that will be the support strcuture around 90.7 area close to the 0.618 fib.
I believe this is only temporary because long term, I am expecting that we may see more volatility in the markets giving the safe havens more bullish momentum.
Let me know your thoughts.
Trade Safe!
HEET
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DXY has come back for a retest of the resistance as I was hoping. Watching closely as it could be a good area to look for entries on majors. But only after confirmations.
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Treasury yields again.
In addition, quad witching today.
On top of that Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.
I'm done for the week. I'll check the charts this weekend.
In addition, quad witching today.
On top of that Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.
I'm done for the week. I'll check the charts this weekend.
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This idea is still in play. I am expecting DXY to push down one more time before a strong move up.
NQ Trader