Short term it was, but USD Bulls face a serious resistance area here. I have another bad news, that is for USD bears: the set up is neither bearish! In fact if we look at the big picture it is NEUTRAL now.
OK, let's say if I had to chose, I'd rather sell the USD here. If I were a bull, I'd reduce quite some of my longs, if I were more bearish, or thinking as a swing trader, I'd probably open small short.
Weekly:
- Ichimoku setup is absolutely neutral: everything is located in the Kumo cloud (price, Tenkan, Kijun, and even Chikou is in the past Kumo).
- Forward Kumo is bearish though: Senkou A is below Senkou B. Senkou B and Kijun marks the strong bearish support at 96,20+. Below that we aso have 100WMA as a serious support/resistance at 95,68
- Heikin-Ashi is counter bullish, but haDelta started to show decreasing momentum. We may still see few more weeks of action within the Kumo.
- EWO is bearish
Daily:
- Price retested 100WMA, Kumo, and shorter term bearish trendline. Ichimoku setup is neutral. Kumo is quite thick. This is a serious resistance zone ahead of Bulls, who may get tired here at 95,30-96 after such a strong pull back.
- Heikin-Ashi was continous bullish since the 93 reversal, but we may see start of consolidation soon.
- EWO is slightly bullish.
- ATR (volatility) is very low!
- Bulls will likely get cautious here, but I think bears will not (should not) really attack until Price is above Kijun Sen (93,71 now)
What is true for most of the markets recently, I think may be true for DXY too: chop-chop range trading from now.
OK, let's say if I had to chose, I'd rather sell the USD here. If I were a bull, I'd reduce quite some of my longs, if I were more bearish, or thinking as a swing trader, I'd probably open small short.
Weekly:
- Ichimoku setup is absolutely neutral: everything is located in the Kumo cloud (price, Tenkan, Kijun, and even Chikou is in the past Kumo).
- Forward Kumo is bearish though: Senkou A is below Senkou B. Senkou B and Kijun marks the strong bearish support at 96,20+. Below that we aso have 100WMA as a serious support/resistance at 95,68
- Heikin-Ashi is counter bullish, but haDelta started to show decreasing momentum. We may still see few more weeks of action within the Kumo.
- EWO is bearish
Daily:
- Price retested 100WMA, Kumo, and shorter term bearish trendline. Ichimoku setup is neutral. Kumo is quite thick. This is a serious resistance zone ahead of Bulls, who may get tired here at 95,30-96 after such a strong pull back.
- Heikin-Ashi was continous bullish since the 93 reversal, but we may see start of consolidation soon.
- EWO is slightly bullish.
- ATR (volatility) is very low!
- Bulls will likely get cautious here, but I think bears will not (should not) really attack until Price is above Kijun Sen (93,71 now)
What is true for most of the markets recently, I think may be true for DXY too: chop-chop range trading from now.