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Gold is retracing, dollar is rising and this chart matches that potential with a (somewhat weak) bull flag.
Let's watch for momentum confluence (mtf stochastic direction) and a potential good entry point without picking tops and try to get a short in.
I don't think she's done retracing and she's already tested the 0.23 fib. This would cnfm my line of thinking that dxy might rally intraday. I'd play it safe and settle for a short to a target of 0.7780 (firm weekly support level).
But first I would gain a pulse of the market through the Asian session and looking for a good confluence of momentum via...
Note this is weekly chart. "M" pattern in both the chart and stochastic indicates a buildup for a reversal. I suggest the dollar will attempt a rally as many traders are not seeing the overall retracement for DXY via monthly. DXY Short on Swing trade, imo.
Medium level JPY news on Sunday. If it is good for JPY I look for mild short continuance for USDJPY,...
Be careful attempting a short via NZDUSD. The blue lines are Fib retracements via MONTHLY. These combined with the reality that it has already bounced at fib/support is a massive bullish signal (in general). News at 5:45pm cst Sunday.
It's correlation to the dollar makes it even more risky. I will spend a few hours gathering the Asia session pulse of the...
Overall, it doesn't look anything more than a standard retracement for DXY. Maybe soft remaining 2017 and into some of 2018.
This is technical analysis. I do not trade DXY but confirm directional bias for trades with correlated pairs.
GBPUSD Sell to 1.2940 min (support) along with Trend. MAs have not crossed, still bearish.
Support Confluence with fibs
Anticipating a move up with DXY or more bad news for the Pound
Trader sentiment = buy Contrarian confirm
We shall see.
Non-aggressive movers will wait for confirmation of a close below support (blue) line or entry with confluent MoMo.
For now, I am bearish GBPUSD and bullish USDJPY.
Thus, I anticipate GBPJPY to come down. If this is wrong, trade will be looking upwards channel trend line (or not at all).
Don't get trapped in a range. Enter only after validation.
Sunday 2200 cst
Seeing overall bullish on higher timeframes with potential dip
Bearish move to 0.73ish
Bullish move to 0.63ish
Depends on news Sunday night.
Keeping in mind the dollar looks to a potential reversal but it is not directly clear.
The dollar moves weird, so no expectations that it will break support, other than it is possible and trading should be ready for that moment. Even if it breaks, it might sudden stop only a few points below and bounce from there. That's how the dollar sings sometimes, BUT if it should provide a tank-a-thon we should be poised to ride that baby through coorelated...
EURUSD Buy Pending Order 1.1637
s/l 1.1605 Move stop 1.1543 (via Daily for Swing)
Trade Active *checked at 10:28/1.1643
Most likely: Bear Flag Pattern
Resistance zone at 1.1750
Why: Dollar down
I'll be in and out in order to minimize risk. I anticipate a retracement if news permits. Responses to news will most likey be temporary, but we never know for sure. Hence, risk managment. Resistance seens confluent with fibs at big round numbers or at the xxx.80 marks. I generally go with the higher numbers. No need risking for those extra pips. Avoid tops...
I took profit from a bullish move at 114.40 and waite to see its behavior at trend line.
She's holding above this trendline.
DXY looks bullish.
Bought at 114.51 s/l 114.40
Target 114.913 (zone)
This is not a signal, but my own play.
She's bullish, but when and how far, not sure.
A statement from Trump on fiscal policies might destroy this idea by causing the dollar to soar.
Maybe we're seeing a potential trend change.
The more I see charts, the more I consider that the dollar is going to tank. Wait until price action confirms.