Expect bullish price action on DXY, we close all the bullish imbalance and rejected a bearish orderblock on H1. We are in bullish market structure on a HTF analysis.
I think it is a little too early to call for a rise in DXY. Turn on the Volume.
There was around 8 hours of sideway consolidation before DXY took a dive in 3 candles above before hitting the trendline. Then you can see 3 candle moving up. At the moment, what I can see now, there is not enough volume to support the rise as it is now facing heavy resistance. In short, there was higher volume in the 3 candle pointing down compared to the 3 pointing up.
Turn on the Volume.
There was around 8 hours of sideway consolidation before DXY took a dive in 3 candles above before hitting the trendline.
Then you can see 3 candle moving up.
At the moment, what I can see now, there is not enough volume to support the rise as it is now facing heavy resistance.
In short, there was higher volume in the 3 candle pointing down compared to the 3 pointing up.
But things may change once the ECB announcement.
Cheers.