S
Comment:
The Overall trend of the index is on a trajectory towards the downside (Weakening of the US Dollar).
Comment:
On the contrary, we may move to break the daily respected support line which has been strong support previously and a movement to the fib line towards the bottom.
Comment:
However, we now may encounter a small upside movement to the fib line identified above, bouncing on the strong area of support that price action has rejected to fall
Comment:
The Overall trend of the index is on a trajectory towards the downside (Weakening of the US Dollar).On the contrary, we may move to break the daily respected support line which has been strong support previously and a movement to the fib line towards the bottom.However, we now may encounter a small upside movement to the fib line identified above, bouncing on the strong area of support that price action has rejected to fall
Comment:
The Asia session has now opened, the trades involving the strengthening of the USD are going in the direction of a stronger dollar (Longing the USD as opposed to the shorting of the USD currency pairs). From observation regardless of what may have seemed a downside movement on the USD pairs, an example being the USD/CAD. It seemed to have hit strong resistance, however, with the reversal of the DXY on Sunday Asia session opening USD pairs have reversed in the opposing direction. I gather the pivotal movements of the DXY have a great influence on the USD pairing and should be observed at all times prior to taking positions involving the majors.