We've came into a higher timeframe key level. The midpoint of the monthly fair value gap. Everything is in line for DXY to dump. The change in the state of price delivery is visible on the 4h chart. FOMC can bring the volatility to send price lower to the monthly low firstly, than further down (waaay down).
Ok that's all byyyyyyy
Ok that's all byyyyyyy
Trade active:
FOMC did not push price lower, but the continuation of bearish order flow is on.
First of all I would wanted to see the weekly gap disrespected by the weekly candle. It did not happened. Didn't even closed below previous weekly lows, which is a huge bullish sign in this situation.
Didn't get bearish gaps down on the daily, which would have been kinda mandatory at this point, if we want to further support the bearish idea. Daily candle closures are bullish too.
4h orderflow is switched up with the current balanced price range that is being respected. Price not (yet) closing above highs, but the reaction from now is a dealbreaker.
All in all I'm leaning more toward a bullish reaction from here to take out some of the built up buy-side liquidity. If we would be heavily bearish from this HTF key level, the reaction would not be this sketchy. Might be one more push to the upside before heading lower.
Not yet the condition I would trade. But if I had to (lol), I would watch for short term scalps to the upside.
Oook be patient be safe byyyy