Dear Traders, herewith is my analysis for the DXY. Please read through it, follow the chart and come up with your own trade ideas.
Monthly Timeframe;
We broke the trendline and previous support (1) at 91.01. We are currently moving towards the second support which is marked with the first blue line. A rejection from support see price move back to 91.01. The break of the support will move price to our third support also marked with a blue line on the chart.
Weekly Timeframe;
We are due for a correction due to the big impulsive breakout. This thought of a correction could be further confluence for the rejection mentioned in the monthly timeframe analysis. Or we can have that pullback (correction) towards 91.01 fueled by the NFP before price even reaches support (2) at 89.93
Daily Timeframe;
Nothing different from the weekly timeframe, I am expecting that pullback, it could just be the current daily candle or it could be a few days, it depends on how the NFP moves the market today.
Thank you to everyone who started following me this week.
Monthly Timeframe;
We broke the trendline and previous support (1) at 91.01. We are currently moving towards the second support which is marked with the first blue line. A rejection from support see price move back to 91.01. The break of the support will move price to our third support also marked with a blue line on the chart.
Weekly Timeframe;
We are due for a correction due to the big impulsive breakout. This thought of a correction could be further confluence for the rejection mentioned in the monthly timeframe analysis. Or we can have that pullback (correction) towards 91.01 fueled by the NFP before price even reaches support (2) at 89.93
Daily Timeframe;
Nothing different from the weekly timeframe, I am expecting that pullback, it could just be the current daily candle or it could be a few days, it depends on how the NFP moves the market today.
Thank you to everyone who started following me this week.
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Austin_Palmer
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