Long term trend: Up
Medium term trend: Up
Significant Levels: 11850 (Horizontal Support), Uptrend
There is no doubt that US Dollar is still strong right now. After more than a month of being in a bit of consolidation, the price had gone up. Currently, as of writing, the price is just above the previous trend line. The price is making a new up move right now, therefore, our trend line must be redrawn. But as we don't have any new lows that we can draw the line on, we'll leave our old trend line in the chart for now.
USD is making new highs. The price is smoothly going up. Remember that, price moves, like this, cannot be sustained for an extended period of time. There will always be a correction or retracement. I'm not saying that there will be a retracement soon, but definitely there will be. Just to make it clear, we are bullish on this market. Any retracement could be a good opportunity for us to long this currency.
Market participants anticipate a hike in rates soon. Therefore, stay tuned to what the Feds are saying. If the Feds disappoint the market, there could be a sell-off in USD. But that sell-off will be short lived and that's when we should place our long trade. Retracements equate to opportunities.
Trade well.
Medium term trend: Up
Significant Levels: 11850 (Horizontal Support), Uptrend
There is no doubt that US Dollar is still strong right now. After more than a month of being in a bit of consolidation, the price had gone up. Currently, as of writing, the price is just above the previous trend line. The price is making a new up move right now, therefore, our trend line must be redrawn. But as we don't have any new lows that we can draw the line on, we'll leave our old trend line in the chart for now.
USD is making new highs. The price is smoothly going up. Remember that, price moves, like this, cannot be sustained for an extended period of time. There will always be a correction or retracement. I'm not saying that there will be a retracement soon, but definitely there will be. Just to make it clear, we are bullish on this market. Any retracement could be a good opportunity for us to long this currency.
Market participants anticipate a hike in rates soon. Therefore, stay tuned to what the Feds are saying. If the Feds disappoint the market, there could be a sell-off in USD. But that sell-off will be short lived and that's when we should place our long trade. Retracements equate to opportunities.
Trade well.