DXY Looking Bullish Before Month End
Updated
The US dollar remains bullish in my eyes on the daily timeframe. Resistances are being overcome while support is holding. The strategy involves a continued move higher after staying in a tight 5 day trading range from Feb 16-22.
I am anticipating an energetic move higher to 105.63 price level as an upside objective before the end of the month.
To invalidate the trade, price would need to trade below 102.6 lows before heading to 105.63.
-Bias: Bullish
-Why: FVG at 105.7 is a draw on liquidity and I expect price to move higher especially if interest rate hikes will continue.
-Targets: 105.6
Consequence of a rising dollar is that equities and gold will feel a pressure to the downside.
I am anticipating an energetic move higher to 105.63 price level as an upside objective before the end of the month.
To invalidate the trade, price would need to trade below 102.6 lows before heading to 105.63.
-Bias: Bullish
-Why: FVG at 105.7 is a draw on liquidity and I expect price to move higher especially if interest rate hikes will continue.
-Targets: 105.6
Consequence of a rising dollar is that equities and gold will feel a pressure to the downside.
Note
Looks like the dollar made a move higher, trying to break out of the tight consolidation after Jerome Powell's comments today.Price looks to be approaching the 105.6 draw on liquidity target and the focus of this analysis. I stated end of Feb timeframe but I guess early March will do as well.
Trade closed: target reached
105.6 level reached.
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