Hi there. For short term, price is forming a continuation pattern to the upside. Wait for the price to hit the bottom of the pattern and watch strong price action for buy. For medium – longer term, wait for the price to hit the top of the bigger pattern and watch strong price action for sell.
Found an interesting *potential* fractal. This is not a perfect fractal, it's actually far from it, but price action is close (0.73% off) and duration is significant in both formations.
Please don't trade based on this, at this moment the dollar does seem bullish. A bearish confirmation would be crossing below the last line of support.
Symbol: DXY - US Dollar Index
Time Frame: Daily, 4hr, 1hr & 5min
Predicted Direction: Long
DXY - US Dollar Index updates will be available in the comments section below.
The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity.
USD in a nutshell. In 2019, the US Economy will be slowing down
GDP growth will slow down to 2.7%
Unemployment rate will go up to 4%
Consumer confidence will go down
Business confidence will go down as well
Government debt will continue to rise
Inflation will go up 2.2 - 2.6
Interest rate will be increased twice 2.5 - 2.75
Even though, those future data will be ...
Good Morning Traders,
Looks like Gold is approaching macro resistance at an algorithmic level (75% of range), which has a little too much confluence to ignore. It's rare that you see this much confluence on so many different levels, but when you do you see something of this nature its reasonable to anticipate a sharp reaction from it. Alongside that we are also ...
The current price action at the monthly TF is not strong enough to go forward.
Strong supply zone at the Weekly and Daily TF.
Currently the bears are controlling the game, possible to continue dropping till the Weekly & Daily Demand Zone (94.670 - 93.710) where long is possible
DXY Buy Idea @ Weekly Demand Zone (94.670 - 93.710)
Buy Limit: 94.670