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doctordrew77
May 2, 2021 9:30 AM

2 May '21: DXY (1D) Long

U.S. Dollar Currency IndexTVC

Description

Hoping for a bull flag -- coming off the bounce off support of the broadening, ascending wedge on the daily -- which does not drop below 91.069, though a few pips lower shouldn't ruin the entry on USD long pairs.

If this runs back to the midline, it could top out around 92.634 to 92.726 by mid-May, before a little bounce down.

Foreign currency pairs, and maybe even Bitcoin might be expected to behave as expected in response.

In short, if DXY holds above 91.0x on 2 May, expect a bullish impulse on 3 May.

@lockhartT @Vez_Will

Comment

EDIT: 2 May should be 3 May, and 3 May should be 4 May in the caption above.

Comment

So far, the flag has formed, but is a bit longer than hoped. Still expecting a bullish impulse.

Trade closed: stop reached

The flag did not hold as anticipated. USDCAD &USDJPY went down in the process. GBPUSD pumped today.
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