Hi Guys,
it's Thursday Week10 and DXY has been coming down since last Friday. It may have found support on the 1000SMA at approx 0.618 Fibonacci retracement of the move 0 to 5 that occurred in week8 and week9 but ATwO 50SMA trying to push prices down from resistance at 96.76.
TO NOTE that price bounced on 1000SMA when sentiment in RSI was oversold.
TO NOTE that price formed already 3 supportive patterns on the 1000SMA respectively in Week1, Week4 and week8 (as shown in DXY: week9 overview (4H) linked in the related ideas below or the following screenshot).
Strategy: to wait and see, Price may attempt to climb back above 97 but if it fails it may start a decline towards 96.
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
it's Thursday Week10 and DXY has been coming down since last Friday. It may have found support on the 1000SMA at approx 0.618 Fibonacci retracement of the move 0 to 5 that occurred in week8 and week9 but ATwO 50SMA trying to push prices down from resistance at 96.76.
TO NOTE that price bounced on 1000SMA when sentiment in RSI was oversold.
TO NOTE that price formed already 3 supportive patterns on the 1000SMA respectively in Week1, Week4 and week8 (as shown in DXY: week9 overview (4H) linked in the related ideas below or the following screenshot).
Strategy: to wait and see, Price may attempt to climb back above 97 but if it fails it may start a decline towards 96.
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
