DXY - 5 December 2022

In terms of DXY weekly profile, price may form a retracement from here.
There are 3 significant LQD found in different time frames.
1. Structural low from the left in weeklyTF,
2. EQLs in dailyTF,
3. NFP bullish impulsive candle low in 15m.

Comment:

Now, look at this chart. NYKZ, DXY retrace back to below a structural low created during today’s LD session. There is a chance that price could reverse from here and continue LD bullish bias and go higher. Maybe back to this EQHs and tap into the IMB above. When this happen, what do I do then? How can I profit from this information when my trade idea works out?

Remember, if DXY confirms a bullish intention, the best thing to do is to SHORT AUDUSD and LONG USDCAD. Also, don’t forget we have a USD major news at 11.00pm. That major news will most likely to become a catalyst to move USD higher. If news is indicating bearish, then what I need to do is to just sit on my hands and see how price react to the news. If news is showing bearish but DXY couldn’t put in a new LL, it means DXY is showing bullish intention, market nature is likely changing.