2 May '21: DXY (1D)
Updated
Hoping for a bull flag -- coming off the bounce off support of the broadening, ascending wedge on the daily -- which does not drop below 91.069, though a few pips lower shouldn't ruin the entry on USD long pairs.
If this runs back to the midline, it could top out around 92.634 to 92.726 by mid-May, before a little bounce down.
Foreign currency pairs, and maybe even Bitcoin might be expected to behave as expected in response.
In short, if DXY holds above 91.0x on 2 May, expect a bullish impulse on 3 May.
lockhartT Vez_Will
If this runs back to the midline, it could top out around 92.634 to 92.726 by mid-May, before a little bounce down.
Foreign currency pairs, and maybe even Bitcoin might be expected to behave as expected in response.
In short, if DXY holds above 91.0x on 2 May, expect a bullish impulse on 3 May.
lockhartT Vez_Will
Note
EDIT: 2 May should be 3 May, and 3 May should be 4 May in the caption above.Note
So far, the flag has formed, but is a bit longer than hoped. Still expecting a bullish impulse.Trade closed: stop reached
The flag did not hold as anticipated. USDCAD &USDJPY went down in the process. GBPUSD pumped today.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.