My outlook for the dollar remains bearish, but it's currently in a bullish retracement phase triggered by the reaction at my identified 17hr demand (POI) from last week. I anticipate price to continue its upward movement to eventually reach a premium level. In this scenario, I'll be looking for selling opportunities around the 4hr supply zone or the 14hr supply at the top.
While the 4hr supply is still a possibility, it's not the optimal choice for sells due to its location within a trend line that I anticipate being taken out. Instead, I foresee a reaction at the 14hr supply, located within the 0.786 Fibonacci range and having caused a break of structure. Therefore, I'll be patiently waiting for some form of distribution to unfold once the bullish pressure is exhausted.
Confluences for DXY dollar sells are as follows:
- Dollar is temporarily bearish due to the break of structures on the higher timeframe.
- Currently price has reacted off a demand so I can expect bullish pressure to get exhausted.
- Price is slowing down foreshadowing a potential wyckoff distribution to play out.
- Lots of liquidity still left below in the form of equal lows and trend line liquidity.
P.S. Although I am currently bearish on the market, my overall sentiment is bullish. The recent reaction off the 17hr demand might spark an upward rally. Additionally, there's a 9hr demand zone where I anticipate another bullish reaction.
HAPPY NEW YEARS TO ALL OF YOU AND HOPE THIS YEAR BRING EVERYONE PROFITABILITY AND CONSISTENCY. LETS CATCH THESE PIPS!
While the 4hr supply is still a possibility, it's not the optimal choice for sells due to its location within a trend line that I anticipate being taken out. Instead, I foresee a reaction at the 14hr supply, located within the 0.786 Fibonacci range and having caused a break of structure. Therefore, I'll be patiently waiting for some form of distribution to unfold once the bullish pressure is exhausted.
Confluences for DXY dollar sells are as follows:
- Dollar is temporarily bearish due to the break of structures on the higher timeframe.
- Currently price has reacted off a demand so I can expect bullish pressure to get exhausted.
- Price is slowing down foreshadowing a potential wyckoff distribution to play out.
- Lots of liquidity still left below in the form of equal lows and trend line liquidity.
P.S. Although I am currently bearish on the market, my overall sentiment is bullish. The recent reaction off the 17hr demand might spark an upward rally. Additionally, there's a 9hr demand zone where I anticipate another bullish reaction.
HAPPY NEW YEARS TO ALL OF YOU AND HOPE THIS YEAR BRING EVERYONE PROFITABILITY AND CONSISTENCY. LETS CATCH THESE PIPS!