DXY (Dollar Index) Shorts from 101.800 down to 100.800
The outlook for the Dollar this week is a continuation of its bearish trajectory. With a recent downside break in structure, I anticipate a correction, expecting the price to retrace into the 14-hour supply zone.
Upon entering my Point of Interest (POI), I'll wait for price distribution and a change in character as a signal that the dollar is prepared for a decline. Additionally, I acknowledge the presence of imbalances above the supply, suggesting the potential for a break beyond this supply into a more premium area.
Confluences for Dollar Sells are as follows:
- This bias aligns with the current bearish trend that has been perpetuated.
- Lots of major trend lines, equal lows and asian lows below on the higher time frame.
- There's a14hr supply zone that has broken structure to the downside causing BOS.
- For price to maintain its bearish trend it must react off a supply to trigger another sell off.
P.S. While the dollar maintains an overall bullish stance on the higher time frame, it's only a matter of time before price sweeps liquidity and reacts strongly to a major supply. However, given the current bearish movement, It's advisable to follow the existing trend instead of opposing it for the time being.
If you guys have any interesting perspectives on this market, feel free to share down below!
Upon entering my Point of Interest (POI), I'll wait for price distribution and a change in character as a signal that the dollar is prepared for a decline. Additionally, I acknowledge the presence of imbalances above the supply, suggesting the potential for a break beyond this supply into a more premium area.
Confluences for Dollar Sells are as follows:
- This bias aligns with the current bearish trend that has been perpetuated.
- Lots of major trend lines, equal lows and asian lows below on the higher time frame.
- There's a14hr supply zone that has broken structure to the downside causing BOS.
- For price to maintain its bearish trend it must react off a supply to trigger another sell off.
P.S. While the dollar maintains an overall bullish stance on the higher time frame, it's only a matter of time before price sweeps liquidity and reacts strongly to a major supply. However, given the current bearish movement, It's advisable to follow the existing trend instead of opposing it for the time being.
If you guys have any interesting perspectives on this market, feel free to share down below!