Hi everyone,
Since May-June this year DXY has been strenghtening.
To be precise the run commenced during the 47th G7 Summit that was held from 11 to 13 June in Cornwall, England.
The uptrend unfolded a rising wedge that was breached to the upside during the 2nd half of November.
On Nov.24th the Index paused and is now consolidating in a range between 97 and 96.
Focus on the intersecation between upper trendline of the rising wedge and the supporting level at 96 which falls on December 21st.
ATTENTION: the above view is subordinated to the reaction that the US dollar will have after the meeting of the Fed which will end today.
Further information will be provided over time.
Thank you and best of luck!
Cozzamara
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
Since May-June this year DXY has been strenghtening.
To be precise the run commenced during the 47th G7 Summit that was held from 11 to 13 June in Cornwall, England.
The uptrend unfolded a rising wedge that was breached to the upside during the 2nd half of November.
On Nov.24th the Index paused and is now consolidating in a range between 97 and 96.
Focus on the intersecation between upper trendline of the rising wedge and the supporting level at 96 which falls on December 21st.
ATTENTION: the above view is subordinated to the reaction that the US dollar will have after the meeting of the Fed which will end today.
Further information will be provided over time.
Thank you and best of luck!
Cozzamara
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
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Please find below a zoomed out snapshot of the structure to better frame it in the post-pandemic context.
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The last three weekly candlesticks show compression whilst current week started with a shy bullishness bias following last Friday CPI.
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Focus on the 4H chart where lots of information and structures emerges. To note that in the last 24hrs the Index is consolidating inside the Fibonacci Golden Area of AB.
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Maybe the last four H4 candlesticks inside the rectangle inside 0.786 & 0.618 Fib of AB are trying to form a bullish flag.
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REMEMBER: a move in the dollar may have an impact on various assets.
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Snapshot 1 hour chart
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