The DXY forecast remains bearish in my view; however, there is a notable strong bullish retracement occurring. I perceive this retracement as temporary, as the price is retracing back to a premium supply level. I anticipate a distribution to take place in either the 1-hour supply zone I've identified or...
Alternatively, if the price continues to climb higher, fully mitigating the imbalance, it may enter my preferred 14-hour supply zone, which previously caused a break of structure to the downside. Should the price decline without touching these two zones, I will then be on the lookout for a buying opportunity around 101.000.
Confluences for DXY dollar sells are as follows:
- Dollar is temporarily bearish due to the break of structures on the higher timeframe.
- Currently price has reacted off a demand so I can expect bullish pressure to get exhausted.
- Price is slowing down foreshadowing a potential wyckoff distribution to play out.
- Lots of liquidity still left below in the form trend line liquidity and major imbalances.
- Candlestick anatomy shows that price might have a bearish drop as its mitigated an imbalance above partially
P.S. While my current stance is bearish in the market, this minor bullish retracement appears temporary, and I anticipate the price to resume its downward trajectory. However, considering the presence of numerous imbalances, I prefer to observe price movements before deciding on my course of action.
Have a great trading week ahead guys!
Alternatively, if the price continues to climb higher, fully mitigating the imbalance, it may enter my preferred 14-hour supply zone, which previously caused a break of structure to the downside. Should the price decline without touching these two zones, I will then be on the lookout for a buying opportunity around 101.000.
Confluences for DXY dollar sells are as follows:
- Dollar is temporarily bearish due to the break of structures on the higher timeframe.
- Currently price has reacted off a demand so I can expect bullish pressure to get exhausted.
- Price is slowing down foreshadowing a potential wyckoff distribution to play out.
- Lots of liquidity still left below in the form trend line liquidity and major imbalances.
- Candlestick anatomy shows that price might have a bearish drop as its mitigated an imbalance above partially
P.S. While my current stance is bearish in the market, this minor bullish retracement appears temporary, and I anticipate the price to resume its downward trajectory. However, considering the presence of numerous imbalances, I prefer to observe price movements before deciding on my course of action.
Have a great trading week ahead guys!