DXY about to plummet despite the good data coming out of the US today.
Inflation rate YoY (Big Data) came in above the consensus and up against the previous.
Core inflation rate (Big Data) stayed at 1.2% which is on par with both the consensus and the previous.
The reason for the bearish move may be due to the old saying buy the rumour sell the fact, everyone bought on the lead up to the news and when the news has come out everybody wants to off load there positions driving the market down once again.
Fundamental the USD is looking slightly bearish but major Support at 96.60 has been broken and retested.
Hanging man has formed on the 4hr off the support (BULLISH).
All other indicator suggest there is still some way to go before we feel the end of this down move.
i would suggest shorts on USD/XXX pairs and XXX/USD Longs.
Let me know your opinions guys.
Inflation rate YoY (Big Data) came in above the consensus and up against the previous.
Core inflation rate (Big Data) stayed at 1.2% which is on par with both the consensus and the previous.
The reason for the bearish move may be due to the old saying buy the rumour sell the fact, everyone bought on the lead up to the news and when the news has come out everybody wants to off load there positions driving the market down once again.
Fundamental the USD is looking slightly bearish but major Support at 96.60 has been broken and retested.
Hanging man has formed on the 4hr off the support (BULLISH).
All other indicator suggest there is still some way to go before we feel the end of this down move.
i would suggest shorts on USD/XXX pairs and XXX/USD Longs.
Let me know your opinions guys.