DXY: Weekly analysis shows an uptrend
Updated
Bearish momentum during last week must fade before we safely long the dollar again. It might take some time to shake off the bears here, but the election might play its part, making next week be a battle between the current bears in control, and the bulls. The high of the Brexit day might prove to hold the selling, specially confirmed if we don't see any weekly HIGH sitting lower than it, on close.
Although the timeframe isn't quite the weekly for the dollar signal on chart, it helps see the patterns from previous legs with clarity. From a 'Time at mode' perspective, we're in a 16 week advance, that should see 100 hit before January 20th, 2017. Depending on how prices act next week, we can decide to go long the dollar with good probability of success and a great risk/reward ratio, so stay tuned.
Cheers,
Ivan Labrie.
Although the timeframe isn't quite the weekly for the dollar signal on chart, it helps see the patterns from previous legs with clarity. From a 'Time at mode' perspective, we're in a 16 week advance, that should see 100 hit before January 20th, 2017. Depending on how prices act next week, we can decide to go long the dollar with good probability of success and a great risk/reward ratio, so stay tuned.
Cheers,
Ivan Labrie.
Note
0 heatNote
Some heat...notice that the invalidation was 95.50 which wasn't hit.Note
Target hit, exit DXY longs, you can look to buy gold and EURUSD soon. USDSEK and USDJPY are more bullish but also susceptible to a pullback here and then. I'm flat USD longs, and focusing on buying dips next, in USDNOK, USDJPY, USDSEK, mainly.
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