Is DXY ready to plummet?
アップデート済
Hello everyone!
From now on this will be the format id like to post all my Trade ideas, i would love to hear your opinions and lets discuss!
Here we have the U.S Dollar Index which seems to be setting up to continue it's course to the down side. We were bearish for the majority of the year,
i first spotted the short swing coming back in December 2016; We didn't resume our shorts until around March of 2017 after the US elections craze.
The reason i explain this is because now i believe we're in a very interesting spot once again.
Why is it such an interesting spot?
Bearish Trade Case:
1- It failed to break & close above the previous high close @ 93.93.
2- Said High represents a well defined Supply Zone with coordinates of: Proximal Line 93.80 & Distal Line 94.27.
3- Momentum is showing exhaustion.
4- COT is Net Bearish & Above the 13 WK Avg.
5- Last two daily candles show bullish exhaustion and possible reversal warnings.
Bullish Trade Case:
1- It broke a 2 month high and close above it 2 weeks ago.
2- It created a higher low last week.
3- RSI is not yet overbought.
4- US equities are on a very weird bull market.
This week we have a few Important news releases scheduled and also the FED chair substitute decision by President Trump is lurking and could come out at any minute. We should pay close attention
to the GDP and CPE release.
From now on this will be the format id like to post all my Trade ideas, i would love to hear your opinions and lets discuss!
Here we have the U.S Dollar Index which seems to be setting up to continue it's course to the down side. We were bearish for the majority of the year,
i first spotted the short swing coming back in December 2016; We didn't resume our shorts until around March of 2017 after the US elections craze.
The reason i explain this is because now i believe we're in a very interesting spot once again.
Why is it such an interesting spot?
Bearish Trade Case:
1- It failed to break & close above the previous high close @ 93.93.
2- Said High represents a well defined Supply Zone with coordinates of: Proximal Line 93.80 & Distal Line 94.27.
3- Momentum is showing exhaustion.
4- COT is Net Bearish & Above the 13 WK Avg.
5- Last two daily candles show bullish exhaustion and possible reversal warnings.
Bullish Trade Case:
1- It broke a 2 month high and close above it 2 weeks ago.
2- It created a higher low last week.
3- RSI is not yet overbought.
4- US equities are on a very weird bull market.
This week we have a few Important news releases scheduled and also the FED chair substitute decision by President Trump is lurking and could come out at any minute. We should pay close attention
to the GDP and CPE release.
ノート
We have created a new 2 months high, we're currently waiting on a close above 94.25 to validate our long term views.
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