US Dollar - Daily Trend Still Down - Short Risk Favored
US Dollar - Long-Term Trend Still Down - Short Risk Favored
Currently, USDollar is still rising in a short-term uptrend, a correction to the longer-term downtrend which is still in place on the Daily/240min time frames. Price is nearing the 50% retracement level of that longer-term downtrend. So at this very moment (10:50 AM ET on 3/23), there is absolutely no reason to be holding short or entering new USDollar positions.
However, if price does reverse and confirm with an Ichimoku breakdown on the 15min time frame, that will be the signal for me to go short across the majors on the USDollar.
Currently, USDollar is still rising in a short-term uptrend, a correction to the longer-term downtrend which is still in place on the Daily/240min time frames. Price is nearing the 50% retracement level of that longer-term downtrend. So at this very moment (10:50 AM ET on 3/23), there is absolutely no reason to be holding short or entering new USDollar positions.
However, if price does reverse and confirm with an Ichimoku breakdown on the 15min time frame, that will be the signal for me to go short across the majors on the USDollar.