We can use the DXY for the general direction when trading the major crosses, therefore it's important to take a quick look at the longer term possible structures.
W1 We have 5 up with bearish divergence followed by bearing convergence in the A wave down. Were clearly in a B wave now with internal bearish divergence forming. It's only a matter of time before we get the C down, therefore I expect USD weakness overall over the next 12-18 months .
D1 We have bearish divergence.
Other possible corrective structure's other than the simple ABC is W1 wave B may not be over and could possibly break the top to give either a running or expanding flat correction.
Good luck and trade safe!
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W1 We have 5 up with bearish divergence followed by bearing convergence in the A wave down. Were clearly in a B wave now with internal bearish divergence forming. It's only a matter of time before we get the C down, therefore I expect USD weakness overall over the next 12-18 months .
D1 We have bearish divergence.
Other possible corrective structure's other than the simple ABC is W1 wave B may not be over and could possibly break the top to give either a running or expanding flat correction.
Good luck and trade safe!
If you like this idea hit the thumbs up to show your appreciation of my free analysis.
Thank's to all the traders in advance that hit the thumbs for your support!
Comment:
H1 Chart, look for the short.
H4 Chart.