My overall view on DXY is longer term long but i am expecting short for short term and i will look for buy setup if price hit lows again.
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watch for trend continuation pattern
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haronbg
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hi. Why are you long term USD bullish? Of course here comes the difference in opinions which I guess is part of trading. As not experience trader like I want to understand the logic behind your long term bullish bias. I actually am short biased. My fundamental stance is that FED prepared the market for more than 3 years that they will tightened. I believe FED is behind the curve and the business cycle and as we all witness the ZIRP and NIRP policies are not working. Look at BOJs and ECBs and their respective currencies. Furthermore that data out of the USA has been miserable with small positive hiccups along the way. I believe the chance of FED raising rates with at least 100bps this is year as almost to none. If they will do maybe with 25bp the most. Of course in case of BREXIT USD will appreciate a lot, otherwise the appreciation in the majors and gold are reflecting the market views towards the USD and the shape of the US economy and non the less the credibility of the FED. So is my logic fault and what am I missing?
Cheers
Wave-Trader
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my friend its all about the pattern and pattern shows to me long. you are spending a lot of time on fundamentals. My request is to you that spend some time on patterns identification and how they behave. hope this will help mate.
haronbg
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thank you for your reply. I guess, I will have to. What pattern are you seeing that points to you the bullish setup? I see the support on the left at the point out from you area, but what else? thanks and cheers
haronbg
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Are you foreseeing inverse H&S!?
Wave-Trader
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no i am foreseeing flat correction
Wave-Trader
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I hope this will help much bettor mate and thanks for your feedback i am happy to help.
haronbg
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Thank you mate, I guess I have to concentrate on this side of the trading!!!!
saif12
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I fully agree with Wave-Trader. Focus on pattern and do not pay that much attention to the news, it is all game players, and in the news they tell you what they want you to believe, see my chart on the DXY which is fully supporting
Cheers