DXY Short Idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Price action has been steadily falling as the election has been developing. Now that the election is over we could see the speculation and bearish momentum start to die down near a major level of support.
Trade scenario 1: Looking for price action to push into major support 91.750 before we see a correction. Look for lower highs to catch this potential short scenario if they are presented.
Trade scenario 2: Price action goes bullish. From the current level of price action we need to see a lot before we consider long scenarios. Ideally we need to see a break and retest with a confirmed higher low above 92.500. Target toward our 4hour resistance around 93.800.
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Price action has been steadily falling as the election has been developing. Now that the election is over we could see the speculation and bearish momentum start to die down near a major level of support.
Trade scenario 1: Looking for price action to push into major support 91.750 before we see a correction. Look for lower highs to catch this potential short scenario if they are presented.
Trade scenario 2: Price action goes bullish. From the current level of price action we need to see a lot before we consider long scenarios. Ideally we need to see a break and retest with a confirmed higher low above 92.500. Target toward our 4hour resistance around 93.800.