While this scenario is ideal for my current positions i still see it as highly likely contender to ending the current "Trump rally".
-with the prospect of a march fed hike becoming more and more likely, the dollar rally will continue to the critical resistance range at least.
-once we see a breakout of the channel and a retest of the 103.23 resistance I will look at a dollar short, ie:
eu long at 1.03-1.04
au long at 0.76360
uj short at 117.2
any contradicting views please don't hesitate to step up and demolish my views.
-with the prospect of a march fed hike becoming more and more likely, the dollar rally will continue to the critical resistance range at least.
-once we see a breakout of the channel and a retest of the 103.23 resistance I will look at a dollar short, ie:
eu long at 1.03-1.04
au long at 0.76360
uj short at 117.2
any contradicting views please don't hesitate to step up and demolish my views.
Comment:
looks like scenario has almost formed
-critical level between 102.00-102.23 if we see rejection here it will look more likely a scenario 2: Head and Shoulders is forming.
-Another sign that could confirm this is if the peak forming on the stochastic indicator.
-If it's lower than the previous one (bearish divergence) then this is a good indication that the price will reverse at this right shoulder.