Trade Idea:
Here is our outlook on the DXY (Dollar) as of currently. As we can all clearly see price is in an upwards trend meaning that we are only looking for buys on this pair. For this strategy we want to follow the trend and squeeze every last bit out of the trend that we can. Price has been forming a series of higher highs and higher lows. If you missed the trade opportunity last week then there is still a chance to get in and catch a nice move. There are two possible setups that we see for this pair. Number one being a break and retest of the recent higher high for support. Upon a bullish entry signal there would be a good trading opportunity to catch here. The second setup would be a retracement back down to the most recent higher low. If price was to come back down to this area and was to respect it then we’d want to enter long here looking for price to continue its move to the upside. If price were to break below the most recent higher high then we’d consider the trend broken so we wouldn’t be looking to enter long anymore but as of currently we see this as a healthy upwards trend and we don’t see any reason for it not to continue this way for at least a while.
Disclaimer:
This is my opinion on this asset at the time. This is not financial advise. Don't take this trade blindly, do your own analysis first before entering. Feel free to use this analysis to assist you with yours. Feel free to leave any comments you have. Good luck!!!
Here is our outlook on the DXY (Dollar) as of currently. As we can all clearly see price is in an upwards trend meaning that we are only looking for buys on this pair. For this strategy we want to follow the trend and squeeze every last bit out of the trend that we can. Price has been forming a series of higher highs and higher lows. If you missed the trade opportunity last week then there is still a chance to get in and catch a nice move. There are two possible setups that we see for this pair. Number one being a break and retest of the recent higher high for support. Upon a bullish entry signal there would be a good trading opportunity to catch here. The second setup would be a retracement back down to the most recent higher low. If price was to come back down to this area and was to respect it then we’d want to enter long here looking for price to continue its move to the upside. If price were to break below the most recent higher high then we’d consider the trend broken so we wouldn’t be looking to enter long anymore but as of currently we see this as a healthy upwards trend and we don’t see any reason for it not to continue this way for at least a while.
Disclaimer:
This is my opinion on this asset at the time. This is not financial advise. Don't take this trade blindly, do your own analysis first before entering. Feel free to use this analysis to assist you with yours. Feel free to leave any comments you have. Good luck!!!