DXY fooling us ????
After a very bearish NFP week, DXY price has closed with a very bearish weekly candle. However if we look at the bigger picture, the structure is still bullish. A lot of traders were looking to sell against the Dollar last week (myself included), and pretty much all of those were taken out of the market from such a strong move from DXY.
In my opinion this is a judas swing / liquidity grab before making a very strong move up to target those equal highs on the daily chart. The reason being is that, there wont be many people looking to buy the dollar after such a bearish move, which more often than not is the exact time that price will fly. Most USD pairs flew this week, after many expected a fall, so if a reversal is on the cards, I see it being a very strong move down after such a big move up. time will tell.
This coming week i'll be looking to sell pairs (GBPUSD, EURUSD, XAUUSD), once I see a confirmation of this idea on a slightly lower timeframe.
In my opinion this is a judas swing / liquidity grab before making a very strong move up to target those equal highs on the daily chart. The reason being is that, there wont be many people looking to buy the dollar after such a bearish move, which more often than not is the exact time that price will fly. Most USD pairs flew this week, after many expected a fall, so if a reversal is on the cards, I see it being a very strong move down after such a big move up. time will tell.
This coming week i'll be looking to sell pairs (GBPUSD, EURUSD, XAUUSD), once I see a confirmation of this idea on a slightly lower timeframe.
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