The U.S. Dollar Index got rejected on its January 06 High Resistance and even though it is on a short-term Channel Up, the Resistance rejection as well as mostly the September 29 Lower Highs trend-line, will soon start to weigh sell pressure on the price action.
With the 1D RSI printing a Head and Shoulders formation similar to September - October 2022, we remain short, targeting 103.700 (1D MA50) on the short-term and if a candle closes below the 1D MA50 (blue trend-line), extend selling towards the Support Zone (Target 2 = 102.700).
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With the 1D RSI printing a Head and Shoulders formation similar to September - October 2022, we remain short, targeting 103.700 (1D MA50) on the short-term and if a candle closes below the 1D MA50 (blue trend-line), extend selling towards the Support Zone (Target 2 = 102.700).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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Trade Forex on TradingView (zero commissions)👉 go.tradenation.com/visit/?bta=37104&brand=tradenation
I trade Crypto (perps/swaps) with👉 app.defi.app/join/5b8X2l
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I trade Crypto (perps/swaps) with👉 app.defi.app/join/5b8X2l
Funded trading -10% off👉 hyrotrader.com/?coupon=tradingshot
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.