With NFP news coming out in about 2 hrs, it'll be interesting where/if the news takes the DXY.
My personal bias is to the long side. From technicals on the chart we can see:
Weekly: We're sitting at major support of 96.50 with multiple rejections of this area.
Daily: Price is clearly forming higher lows and if we get a bullish push today, we'll have a confirmed 3rd higher low. Which I think could take us to 98.30 and potentially higher.
For now I'm not looking too far long term, but if do get the bullish push on DXY, then I'll be looking to play the strong dollar against the AUD/CAD/EUR/GBP
On the intrdays we can see what could be forming in the next 20 minutes a low test, rejecting the upward slopping trendline for the 3rd time & .168 fib.
A possibility is still that around NFP news, we could even see another spike to the downside, reject the trendline again (maybe tweezer bottoms) and then the push to the upside.
Remember to always trade what you see, not what you think. Wait for confirmation candles, don't gamble!
My personal bias is to the long side. From technicals on the chart we can see:
Weekly: We're sitting at major support of 96.50 with multiple rejections of this area.
Daily: Price is clearly forming higher lows and if we get a bullish push today, we'll have a confirmed 3rd higher low. Which I think could take us to 98.30 and potentially higher.
For now I'm not looking too far long term, but if do get the bullish push on DXY, then I'll be looking to play the strong dollar against the AUD/CAD/EUR/GBP
On the intrdays we can see what could be forming in the next 20 minutes a low test, rejecting the upward slopping trendline for the 3rd time & .168 fib.
A possibility is still that around NFP news, we could even see another spike to the downside, reject the trendline again (maybe tweezer bottoms) and then the push to the upside.
Remember to always trade what you see, not what you think. Wait for confirmation candles, don't gamble!
Comment:
Comment:
If this trendline which I have posted above, fails to hold and we end up falling down lower. Then we can see price retest 96.50 (the last higher low)
At this point we're still respecting the trendline I have drawn in, but we'll see how the daily candle closes. Also keep mind tomorrow is a USD holiday, so we might not get valid entires on USD pairs till Monday.
But for now, all it going as predicted. With NFP we formed the tweezers on the 4 hr chart and may continue moving to the upside.
At this point we're still respecting the trendline I have drawn in, but we'll see how the daily candle closes. Also keep mind tomorrow is a USD holiday, so we might not get valid entires on USD pairs till Monday.
But for now, all it going as predicted. With NFP we formed the tweezers on the 4 hr chart and may continue moving to the upside.
Comment:
Comment:
Last Thursday, July 2nd I mentioned the above drawn trendline, how it could still be broken to the downside. But as long as price doesn't break bellow the previous lower low. 96.50. then we should still create a higher low before moving back up. Which is what we are seeing now.
We're approaching the 4 hr ema. It could also argued that we're retesting the back end of the trendline and could move further down.
But multi timeframe analysis makes me favour a continued move UP
We're approaching the 4 hr ema. It could also argued that we're retesting the back end of the trendline and could move further down.
But multi timeframe analysis makes me favour a continued move UP
Comment:
Comment:
Note that we did break the trendline, but when we put in the fib. retracement on the 4 hr. we can see how well price respected/rejecting .785 fib. created a higher low, and continued it's move up