We have seen the US dollar got strengthened in the past few weeks. In higher time frames (Weekly & Daily), we see more bullish pressure and there are bullish candles with higher highs.
In 4H time frame, price is above the last week’s high (92.850) and is bouncing between the dynamic support & resistance levels.
I expect a rise to 93.200 which is the last month’s high and also a resistance barrier, and if price could break this level to the upside, we can expect more rise to 93.400 - 93.450 which is a major pivot.
Otherwise, if 93.200 didn’t broken out, we might see a reverse on price.
The only reason DXY started going up was when Powell hinted a tapering, then backtracked his comments with more dovish statements the next day. Nearly every day there are contradictory statements from the Fed. In any case, what the Fed says is usually the opposite of what it does. This is dollar pumping before the infrastructure bill passes, and the much larger budget reconciliation bill right on its heels. Once again you are leading people right into a bull trap. The entire growth narrative is propped up by the massive debt.
Wrong again. You can tell this is a pump and dump scheme. The DXY spikes right after 8PM US east coast time when extended hours end, and then starts falling by 9:30 PM EST which is when Shanghai opens (9:30 AM Shanghai).