I believe the dollar is still starting the week strong following last week. The US Dollar sustained inflation as well last week which allows hopes for the Fed to raise the interest rates four times this year to allow the bulls to run.
USDDOLLAR is in a short trend from the looks of the Weekly and Monthly chart. If the current support level is broken, then we can expect it to go down 400 pips+ below until next support.
Depending on the price where you sell, do attention to your SL.
This is a good move to keep an eye on.
With wave 5 almost reaching the 89 target. (See previous related idea from October.)
I think it should hit the psychological level of 90 before any bounce.
The bounce should be a zig zag and should not go above the December 2016 high.
Here's my view in the Daily chart. I'm not planing any more sells, I will wait for trend breakout and look for flags to buy!
Aquí está mi visión en gráfico Diario. No voy a planear más ventas, esperaré a la rotura de la tendencia y buscaré banderas de compra!
We have been analyzing this structure for a few weeks already in DXY (US Dollar Index)
We are expecting a fifth move in the diagonal and then a breakout towards to the -0.27 fibo level potentially.
When this happens, all USD pairs will be affected.
Hemos analizado esta estructura durante semanas en DXY (Índice del Dollar...
How far will the US Dollar fall?
A first and sound goal is this open gap at the level of 98.99.
After closing the gap the DXY will perhaps change it's direction and start moving bullish.
I think this is a good way of orientation for all other major pairs.
What are you thinking about?
Any comments are welcome.
Good luck and a lot of pips for you all!
From the chart we can see that the US downtrend will probably end around the 3rd of Feb. A bounce around 12200 and break from the red line, would clearly indicate the end of the pullback after the strong USD rally.
Many important news are coming at the end of this week and during next week, which could really speed things up depending on how good or bad they are...
A while back I posted a Bearish Wolfe Wave on the Dollar Index(Linked below). That is a weekly view of strength of the dollar. Zooming in we can see that the dollar is not quite ready to make a move to the downside.
Here we have a perfect setup for a bullish move.
1. The larger Wolfe Completed at 5'. This give the Geo's Off-Set Rule @12211 as a...