The US Dollar has been under pressured for the whole of 2017 even with the rate hike from the FED recently.
The sentiment in the US and thus the Dollar remains bearish especially with Trump as the president and his administration.
Looking at the weekly perspective of the Dollar Index, 89.62 remains a key level for the dollar. A break below this level will signify more downside potential on the dollar. Based on the wave analysis, price has now entered into the minimum expectation for a wave 4 retracement between 91.92 - 96.46. Shorting the Dollar this week might not be ideal.
On the daily perspective, price has reached the minimum expectation for a wave 3 extension between 93.03 - 94.80. I am now expecting a potential short term retracement to the upside. Thus shorting the Dollar this week might not be ideal.
On the 4-hourly perspective, price has completed the minimum expectation of an internal 5 wave structure within the daily wave 3 between 93.53 - 94.10. This confluence with the daily region of the wave 3 extension, giving me the insights that we might see a relief rally on the dollar soon. Hence again, shorting the Dollar this week might not be ideal.
Traders then start asking, "Not shorting, then BUY?"
My answer, "NOOOOO!!!"
Hahaha, as traders, not shorting DOES NOT equal to buying. Not taking a position is taking a position too. When the time and condition doesn't match our trading plan, we sit on the sidelines and monitor. Wait for the market to give us the sign and confirmation we need before entering a trade.
**So this is definitely not a trade call, but my humble 2 cents perspective on the US Dollar.
The sentiment in the US and thus the Dollar remains bearish especially with Trump as the president and his administration.
Looking at the weekly perspective of the Dollar Index, 89.62 remains a key level for the dollar. A break below this level will signify more downside potential on the dollar. Based on the wave analysis, price has now entered into the minimum expectation for a wave 4 retracement between 91.92 - 96.46. Shorting the Dollar this week might not be ideal.
On the daily perspective, price has reached the minimum expectation for a wave 3 extension between 93.03 - 94.80. I am now expecting a potential short term retracement to the upside. Thus shorting the Dollar this week might not be ideal.
On the 4-hourly perspective, price has completed the minimum expectation of an internal 5 wave structure within the daily wave 3 between 93.53 - 94.10. This confluence with the daily region of the wave 3 extension, giving me the insights that we might see a relief rally on the dollar soon. Hence again, shorting the Dollar this week might not be ideal.
Traders then start asking, "Not shorting, then BUY?"
My answer, "NOOOOO!!!"
Hahaha, as traders, not shorting DOES NOT equal to buying. Not taking a position is taking a position too. When the time and condition doesn't match our trading plan, we sit on the sidelines and monitor. Wait for the market to give us the sign and confirmation we need before entering a trade.
**So this is definitely not a trade call, but my humble 2 cents perspective on the US Dollar.
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