My forecast for the dollar since last week. Looking for price to head down to that trendline, based on technical analysis, we have the channel, resistance at the point it sold from. We have had strong sell momentum since last week and based on all the bearish news, I expect it to drop further.
Still in an overall downtrend but I'm looking for price to reverse and head upwards. If price breaks and retests 107 level, failing to break below again (strong candle close), I'll be looking for buys. Otherwise, we can expect bearish momentum if price finally breaks below the points highlighted by green circles.
The dollar index hasn't been past this 98 level since May 2017. With strong buying momentum recently and major news this week, will the dollar finally break above? This area is a key resistance level. Overall, I'm bearish based on Technical Analysis. Fundamentals, according to news websites, suggest a bearish forecast as well.
I have an overall bearish outlook on the DXY.
Based on technical analysis, I see the Double top reversal pattern, MACD divergence and the overall formation of the downtrend.
There's a lot of news this week, regarding to the US Dollar.
Price has been on an uptrend since January 2019 giving us a series of Higher Highs and Higher Lows, shown clearly on the Daily TimeFrame. Price has also been rejecting to push higher than 98.00 since April 2019. I have highlighted the MACD divergence seen on the Daily and 4HR indicating the possibility of a bearish run.
Moving to the 1HR, price is sitting on the...
Will Gold finally break this level or retest as support and bounce off to shoot higher? Definitely keeping my eyes on how price would react to this zone. This is on the Daily timeframe, price broke this zone at the beginning of the year and has retested as support, refusing to break below so far for 2019.
Downtrending channel formation can be seen here. Once price shows good strong support off the lower trend-line, I'll be looking the go long. Other confirmations needed:
1. 1HR MACD divergence
2. Reversal price pattern
3. Strong candle close above (price must not break the trend-line).
Been looking at this downtrend, once price hits that trendline, I'm selling as long as price respects the trendline.
If you are part of my free telegram channel, you would have seen that I have been anticipating the sell at 112 area (black arrow pointing down). However, we had a 39 pip draw down in which small accounts may have been stopped out (fakeout). As you...