We’re interested in buying USD pairs this coming week. The dollar respected both the weekly 78.6% Fibonacci retracement and the monthly 50% Fibonacci level, which adds strong higher-timeframe confluence to the bullish bias.
Our main plan is to look for buying opportunities on pullbacks, as long as additional confluences and confirming candle formations are present.
While aggressive entries can already be taken this week, the downside is that stop losses would likely need to be wide, resulting in a less favorable risk-to-reward ratio. Patience for a cleaner retracement may provide a more efficient setup.
Our main plan is to look for buying opportunities on pullbacks, as long as additional confluences and confirming candle formations are present.
While aggressive entries can already be taken this week, the downside is that stop losses would likely need to be wide, resulting in a less favorable risk-to-reward ratio. Patience for a cleaner retracement may provide a more efficient setup.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.