Dear Traders,
One of the cleanest multi-timeframe analysis I've seen in a while. Starting at the Quarterly Time-frame, price has rejected our 3M supply area, with this being one of the highest strike-rate types of zones, this can be an interesting play.
I've been watching the DXY for a while now, and the monthly recently rejected the fresh monthly supply created within the quarterly supply area. The weekly recently created a double top formation in weekly supply, confirming the quarterly and monthly bearish bias.
The only time-frame that wasn't ready yet is the daily time-frame. Price was extremely bullish, which didn't align with the overall picture at the higher time-frames. However, price finally created a strong break lower at the Daily chart and we're waiting for the lower high to develop this or next week!
March will be an amazing month if this lower high can confirm our bearish long-term bias for the Dollar. The last time price was this clear was all the way back in January 2017, with the July 2002 3M supply being filled and the new bearish daily trend unfolded.
Have a good month all,
Best regards,
The New Capital FX Team.
One of the cleanest multi-timeframe analysis I've seen in a while. Starting at the Quarterly Time-frame, price has rejected our 3M supply area, with this being one of the highest strike-rate types of zones, this can be an interesting play.
I've been watching the DXY for a while now, and the monthly recently rejected the fresh monthly supply created within the quarterly supply area. The weekly recently created a double top formation in weekly supply, confirming the quarterly and monthly bearish bias.
The only time-frame that wasn't ready yet is the daily time-frame. Price was extremely bullish, which didn't align with the overall picture at the higher time-frames. However, price finally created a strong break lower at the Daily chart and we're waiting for the lower high to develop this or next week!
March will be an amazing month if this lower high can confirm our bearish long-term bias for the Dollar. The last time price was this clear was all the way back in January 2017, with the July 2002 3M supply being filled and the new bearish daily trend unfolded.
Have a good month all,
Best regards,
The New Capital FX Team.