USD Weakening Against key currenciesVery Straight forward. Looks like a head and shoulders forming. I expect a dramatic fall in the strength of the dollar over the coming months. The USD Index is against a basket containing the Euro, the British Pound, The Japanese Yen and the Australian Dollar in equal amounts. It is geographically balanced and accounts for 80% of worldwide Forex activity.
USDOLLAR trade ideas
USD GETTING CLOSE TO A TURNHi everyone. I've been running several of the usd pairs on and off since dollar started the ascent. I noted today that many of the dollar charts are getting close to breaking support/resistance areas, so I am studying dollar action and what reactions we can get. FOMC is September 26, so dollar can ride these lines or fall back into support and buy up over the next month. We'll see what we get.. USD going into 12110, so we are making some lows on these patterns.
US DollarPrice is in layered supply of supply falls then it will turn to demand and price will move higher. The tendency with these fast moving bars up is for price to try and reclaim them - I would expect price to retrace down from here. If we see price is in supply then that is how it needs to be approached till it proves it can turn supply to demand
USD Bullish trend... entry/ value at retracement Trade entry on completion of the fractal setup has provided some initial profit at the 1.618 fibo extension... position is now neutral and there is no value in buying up here as it presents no real value and stops may quickly be triggered. Wait for the retracement down to the now support area before trade entry and look to take profit on the full extension.
Any questions please DM. Cheers!