Whats the possible direction of the USD ?

2022年5月29日

Hi traders

Looking at Dollar Index, we can get some potential USD development and direction in the up coming weeks/months.

Here on the higher time frame, since last year of July 2021, price has been in a strong bullish impulse phase to the upside.
Many continuation price action along the move up.

Now that we have hit the previous highs, and top of structure, there's more development that may give us different outlook.

Originally it broke out of the structure, but, there was no bullish continuation correction formed.

Instead, Price has now create a double tops, and bearish reversal impulse to push down the price.

This is a good indication that price on the lower time frame is potentially exhausted, and there could be more confirmation for a bearish USD in the making.

What we can be on the look out for next few weeks is to see whether we can get a consolidation on the lower time frame on DXY,
giving us a bearish continuation price action that can continue the bearish momentum to the next low of the price.

Any other USD analysis, view or forecast welcome to share and discuss :) thank you

2022年6月2日

ノート