After a year of sitting in a narrow range will the $ finally break out & in which direction?
With "not qe" QE reentering the scene, potentially more rate cuts & Trump continuing calls for a weaker dollar, the downside is looking more likely.
Looking at targets on the daily:
Topside target
~98.5 - Top slope on long-term pitchfork & median line on short-term. A break through here and the 2019 highs come into focus, beyond that only the gap (@~100) is in my focus as of now.
With "not qe" QE reentering the scene, potentially more rate cuts & Trump continuing calls for a weaker dollar, the downside is looking more likely.
Looking at targets on the daily:
- ~95.17 - Confluence of 2 pitchforks, 50% pitchfork on longer-term & lower slope on shorter-term. Also key horizontal area, being a pivot back in 2017, 2018 & catching 2019 lows
- ~91.51 - Median line on longer-term pitchfork & trend line
Topside target
~98.5 - Top slope on long-term pitchfork & median line on short-term. A break through here and the 2019 highs come into focus, beyond that only the gap (@~100) is in my focus as of now.