DXY ANALYSIS
Update on DXY.
The past two weeks we have seen an increasing bearish orderflow on DXY.
We are still trading in the April Range but failed to make a new high. From last week we saw news fuel price to move lower.
If we fail to make a new high and no break in the current trading range, we can deduce we have no clear orderflow bias on the higher timeframe (Daily, Weekly etc).
With this idea we have to wait for June and April lows to be breached before we can deduce long term direction. If this happens we are most likely trading to the equilibrium of the current yearly range and can look for sells to that.
Also we can take the lows and still reverse as liquidity has been purged, to take highs and continue bullish.
Due to lack of direction at the moment I have been sitting on my hands for 2 weeks waiting for clarity. Lets see what the weekly range does then we speculate the next move.
Happy trading!!!
The past two weeks we have seen an increasing bearish orderflow on DXY.
We are still trading in the April Range but failed to make a new high. From last week we saw news fuel price to move lower.
If we fail to make a new high and no break in the current trading range, we can deduce we have no clear orderflow bias on the higher timeframe (Daily, Weekly etc).
With this idea we have to wait for June and April lows to be breached before we can deduce long term direction. If this happens we are most likely trading to the equilibrium of the current yearly range and can look for sells to that.
Also we can take the lows and still reverse as liquidity has been purged, to take highs and continue bullish.
Due to lack of direction at the moment I have been sitting on my hands for 2 weeks waiting for clarity. Lets see what the weekly range does then we speculate the next move.
Happy trading!!!
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