USDCNH rollover TO 6.72 RIP DXY With the looming BRICS news I have turned my eyes to the Yuan/ dollar pair to ride the short for the exit of the Petro dollar.
THIS IS A Q2 SWING MOVE
This will not be a linear drop FYI! Very very choppy as US will attempt to pull out all the stops to avoid the collapse of the Dollar safe haven.
Top Down Analysis: Using the Monthly I plotted out the High resistance of 7.329 aka the highest strength of DXY from early Q4 2022.
Major support lies at 6.30
We are monitoring right now and looking to enter a trade if we can get a close under 6.82 as that takes out bullish sentiment.
From 6.82 we can catch 1000 pips down to 6.72 as the liquidity will gain bearish momentum. (Q1 Double bottom low)
Another 1000 pips down can be a bear trap at 6.61 so we will try to take 50% profits shortly after 6.72 is taken out.
This is a High volatile trade and can be aggressive in trend. Please trade with caution.
****** THIS IS NOT FINANCIAL ADVICE******
