We can potentially see an upside for the dollar as it made a new high, and retested trendline. Currently, I am biased towards buying the dollar hoping it to reach previous support resistance, before coming back down for a trendline retest.
I will not be excited for longing it now. What I really want to see is a retracement after resistance to the trendline and take a long position as it offers a higher probability with a good risk-reward ratio. However, this is in the daily timeframe, any chances to the market condition may cause my analysis to be inaccurate. This perfect setup can be easily voided if news/economy does not go as planned so please take it with a pinch of salt, this trade can be invalid any point of time.
*Please note that I am no professional trader, like most of you people. I am still learning and know that trading is only a possibility game. My analysis does not mean it is a signal for entry. If you would like to enter with my analysis, please see if it matches with your analysis & thoughts. I will not be liable for any losses incurred :D *
I will not be excited for longing it now. What I really want to see is a retracement after resistance to the trendline and take a long position as it offers a higher probability with a good risk-reward ratio. However, this is in the daily timeframe, any chances to the market condition may cause my analysis to be inaccurate. This perfect setup can be easily voided if news/economy does not go as planned so please take it with a pinch of salt, this trade can be invalid any point of time.
*Please note that I am no professional trader, like most of you people. I am still learning and know that trading is only a possibility game. My analysis does not mean it is a signal for entry. If you would like to enter with my analysis, please see if it matches with your analysis & thoughts. I will not be liable for any losses incurred :D *
