PRICE HAS BEEN ACCUMULATING FOR THE PAST 3 MONTHS, IN AN AREA WHERE ON THE HIGHER TIME FRAMES, LEFT AN IMBALANCE IN PRICE. BELOW THIS AREA OF IMBALANCE WE STILL HAVE MORE PRICE INEFFICIENCY IN THE 80'S PRICE RANGE. PRICE DID IT'S THING AND HAS TRAPPED BREAKOUT TRADERS AND NOW, THE EXPECTATION IS TO SEE PRICE MOVE LOWER TO FILL SOME OF THE INEFFICIENCY BELOW....
~93.50 has been broken on the downside. The two key remaining support levels to watch are 92.75 and 92.50. If these are both taken out, then lower lows below 91.75 are highly probable. If they hold, higher highs above 94.80 are still ahead. This is important for precious metals and miners, as they have been highly correlated on an inverse basis to this point....
All fundamental news, Corona virus increasing massive across europe, how market is behaving lately, and all technical are setting up for one of the biggest recessions in history to happen, and we can see this at the dollar chart which is a clear falling wedge at my view, preparing for a massive move, we need patience, but it will happen, elections might trigger this move
we can clearly see a price choosing a direction down.
the recent positive news about the stimulus deal beaing close to done and the vision of 1,5t new $$$ printed will push the dxy lower.
uncertainty is not a welcome factor in the stock market thus the upcoming election will most propably push the usd lower
Good day friends. Give us a thumbs up if you like our idea. Follow my profile to get new ideas and trade setups everyday
EURUSD+DXY correlation and the impact of Economic stimulus packages in USA
During the great recession in America the President Mr. George W. Bush government
geared up to manage the recession and planned a economic stimulus package which
12 hours ago
Looking at the daily chart, I guess it is obvious DXY is on a downtrend and it has shown weakness all through this week
The 4HR update shows its possible move for the coming week...I have put a limit at 93.07 with the first TP at 91.56, where we will see some retracements.
Feel free to leave comments and like...
The next week that starts Oct 26, 2020, we will see the dollar going down maybe for three days. But the question here will
the dollar keeps sinking and goes down until it reached 89 or recovered at 91.8 by the end of the week.
Thinking we get a big dump down to 91 maybe even 89 B4 any nee jerk into USA 2020 election. But something looks ominous to me and I think there will be a market crash sometime between next week and end of Nov.
*** This is another continuation post (v4) from the previous version, as per my posting methodology where I like to link the trading story where its applicable ***
Link supplied below:
> Price drops below support
> Price tests support as resistance and gets rejected, hence more downward pressure, as...