DXY Bearish Idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Overall DXY is very bearish on all relevant timeframes. Currently price action just formed structure at our 38.2% fib level and 200 ema just below major resistance near 90.800. All this confluence suggests incoming bearishness. Ideally we would like to see some bearish setups with conviction at the current level. Look to target lower toward major support at 90.000 & our -27% level.
Trade scenario 2: For us to consider a bullish dollar we ideally want to see a higher low form above 90.800. As long as price action remains below this level we will remain bearish.
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Overall DXY is very bearish on all relevant timeframes. Currently price action just formed structure at our 38.2% fib level and 200 ema just below major resistance near 90.800. All this confluence suggests incoming bearishness. Ideally we would like to see some bearish setups with conviction at the current level. Look to target lower toward major support at 90.000 & our -27% level.
Trade scenario 2: For us to consider a bullish dollar we ideally want to see a higher low form above 90.800. As long as price action remains below this level we will remain bearish.