Not a financial advisor...
At the moment, I am looking at this price action as a fakeout!
DXY 4h broke above the trendline but as we can see on the Daily chart, that the current candle is showing a huge upper wick.
DXY 4h is also showing RSI bearish divergence!
-> I would prefer to wait 1 more candle (in 3H) to confirm it. (Update will be posted)
It is not a huge divergence but it exists nevertheless.
I will change my bias from fakeout to a breakout once daily closes above that descending trendline.
At the moment, I am looking at this price action as a fakeout!
DXY 4h broke above the trendline but as we can see on the Daily chart, that the current candle is showing a huge upper wick.
DXY 4h is also showing RSI bearish divergence!
-> I would prefer to wait 1 more candle (in 3H) to confirm it. (Update will be posted)
It is not a huge divergence but it exists nevertheless.
I will change my bias from fakeout to a breakout once daily closes above that descending trendline.
Comment:
Not yet sure whether the downsloping channel has been broken.
I would need some more confirmations!
Not yet sure whether the downsloping channel has been broken.
I would need some more confirmations!
Comment:
DXY might be creating a higher high!!!
Trade closed: stop reached
Still waiting for daily candle close to call it a fake out.