Starting on the monthly ive drawn out a very strong level at 103.00 with 3 massive wick rejections to it and even strength from 2002. Whilst it may seem a while away its very much in play and looks doable from the monthly as we have a massive double bottom and 103 is the neckline. Also again trend line drawn from far left but is relevant now still.
Down to weekly there's 3 levels that are looking good, the top one has held strong since dec 2019 with 2 takeouts only plummeting back below straight away anyway. The middle is very interesting as its 95.00, its had 10 decent wicks to it and the weekly 200 EMA is already there and were not even on the way down yet. Last one is our last set of hope for bullish dollar should it fall this far before 90.00 simply a decent key level will look to develop it if price comes nearer. Bearish dollar from here looks likely on weekly as were at the COVID 618 fib after a big push so at least a retest of 96.5 is needed. Also head and shoulders possibly forming with the 618 being the head this is a strong idea.
Daily is quite messy but can still find some things to work with like the middle sone of 95 looks more appealing for a bullish dollar as we have the potential decline of the head and shoulders, 800 and 200 EMA sitting nicely there too and only thing against us is the broken trend line which will be used as a retested broken TL for the right shoulder or if not simply a bearish break and retest of 96.5.
Lastly 4h is very messy with recent Ukraine situation but still some things with plotting to build validity of our zones, we have a decent resistance forming at 97.80 which fits together with the 618 further playing to our head and hopefully a drop but if not a simple retracement back to 96.5 where our short term bullish 618 lies and bullish structure would just carry on from there.
Overall I think DXY next few weeks are likely to be bearish to either start forming our H&S or just a decent pullback for next leg up as there is definitely room for it upto 103, but long term bullish. Obviously Ukraine developments are very key in seeing if our levels have any back to them but there is still areas of value to be spotted in the mess.
Down to weekly there's 3 levels that are looking good, the top one has held strong since dec 2019 with 2 takeouts only plummeting back below straight away anyway. The middle is very interesting as its 95.00, its had 10 decent wicks to it and the weekly 200 EMA is already there and were not even on the way down yet. Last one is our last set of hope for bullish dollar should it fall this far before 90.00 simply a decent key level will look to develop it if price comes nearer. Bearish dollar from here looks likely on weekly as were at the COVID 618 fib after a big push so at least a retest of 96.5 is needed. Also head and shoulders possibly forming with the 618 being the head this is a strong idea.
Daily is quite messy but can still find some things to work with like the middle sone of 95 looks more appealing for a bullish dollar as we have the potential decline of the head and shoulders, 800 and 200 EMA sitting nicely there too and only thing against us is the broken trend line which will be used as a retested broken TL for the right shoulder or if not simply a bearish break and retest of 96.5.
Lastly 4h is very messy with recent Ukraine situation but still some things with plotting to build validity of our zones, we have a decent resistance forming at 97.80 which fits together with the 618 further playing to our head and hopefully a drop but if not a simple retracement back to 96.5 where our short term bullish 618 lies and bullish structure would just carry on from there.
Overall I think DXY next few weeks are likely to be bearish to either start forming our H&S or just a decent pullback for next leg up as there is definitely room for it upto 103, but long term bullish. Obviously Ukraine developments are very key in seeing if our levels have any back to them but there is still areas of value to be spotted in the mess.