The week ended with the 7th-day consecutive gains, showing how attractive the dollar is which also suggested just how much impact can high-interest rate brings.
Despite the fact that the dollar is on a bull run, it is nevertheless limited on the upside as the dollar reaches and beyond.
The price closed just below the key level 96.7 with a long lower shadow which shows that selling strength is weaker as compared to the buyers but was also due to the expansion in the volume of selling strength.
In short, selling pressure is increasing, buyers are ready to exit and the price will start to fall again eventually.
For this week, the dollar is still expected to climb higher but with strong resistance along the way.
Once the price enters the 2-month supply zone around 97, a ranging market is likely to occur while at the same time, a bearish Gartley is completed.
Whether the price will begin to reverse or not, it will probably take another 1 to 2 weeks to decide.
Despite the fact that the dollar is on a bull run, it is nevertheless limited on the upside as the dollar reaches and beyond.
The price closed just below the key level 96.7 with a long lower shadow which shows that selling strength is weaker as compared to the buyers but was also due to the expansion in the volume of selling strength.
In short, selling pressure is increasing, buyers are ready to exit and the price will start to fall again eventually.
For this week, the dollar is still expected to climb higher but with strong resistance along the way.
Once the price enters the 2-month supply zone around 97, a ranging market is likely to occur while at the same time, a bearish Gartley is completed.
Whether the price will begin to reverse or not, it will probably take another 1 to 2 weeks to decide.
