Bouncing off the previous high support area - which is now resistance, we might see the
DXY
on a decline situation. Depending on price action, I made up a few price projection:
A (orange) - Starting the next trading week with fake bullish moves and look for shorts. New York sessions from Monday/Tuesday will tell a lot more. Price back too support, look for consolidation/accumulation and downside breakout. Long term more down moves.
B (red) - Starting the next trading week with the same as the same scenario as A; Shorts from London/New York sessions all week.
Long term big consolidation range within S&R area and further down moves.
C (blue) - Starting the next trading week with fake bearish moves trapping all retails into short positions and pushing the
DXY
further up to reach and bounce off the bearish trend line, also on the highlighted S&R line. Pulling out the fibs on the weekly, this projection could give us an optimal trade entry based on the retracement.
88.4 is my long term bias for the
DXY
. Price action can only determine which situation could occur and even, none of them. This will help on the direction of all USD cross pairs.
DXY
on a decline situation. Depending on price action, I made up a few price projection: A (orange) - Starting the next trading week with fake bullish moves and look for shorts. New York sessions from Monday/Tuesday will tell a lot more. Price back too support, look for consolidation/accumulation and downside breakout. Long term more down moves.
B (red) - Starting the next trading week with the same as the same scenario as A; Shorts from London/New York sessions all week.
Long term big consolidation range within S&R area and further down moves.
C (blue) - Starting the next trading week with fake bearish moves trapping all retails into short positions and pushing the
DXY
further up to reach and bounce off the bearish trend line, also on the highlighted S&R line. Pulling out the fibs on the weekly, this projection could give us an optimal trade entry based on the retracement. 88.4 is my long term bias for the
DXY
. Price action can only determine which situation could occur and even, none of them. This will help on the direction of all USD cross pairs.
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Next analysis coming up.
USDxxx down down down
Eurusd be careful