Symbol: OIL Timeframe: H4 Predicted Direction: Short
- back at key support. - USD break the highs then reversed. - if we break the support level again we could see a consistent down movement. - a rejecting from this support will provide significant USD opportunities for long (buy). then we will look to buy the USD across the major currency after price action is confirmed.
- DXY (usd index) did close above $97.70 on the weekly timeframe - this suggests we could see further upside technically. - If we see price pullback into the highs of $97.50-70 then we will look to buy the USD across the major currency after price action is confirmed.
-DXY (usd index) did close above $97.70 on the weekly timeframe - this suggests we could see further upside technically. - If we see price pullback into the highs of $97.50-70 then we will look to buy the USD across the major currency after price action is confirmed.
1st scenario - price has broken through key level support and has finally closed this week below the yearly lows & consolidation range. - looking for a small pullback to retest broken support as new resistance, along with the upper trendline to be tested for the 3th time where a reversal back to the downside to create a new lower low is likely to form. 2th...