DXY Can this be the start of the strength in USD?
Updated
Hello traders:
USD has been in a bearish price action since end of May, and has continue to drop down since.
However, understanding how price move and structure formation may give us clue to otherwise.
Looking at the latest price action, we start to see a parallel, descending type of larger channel structure forming, and can be the first sign of a reversal from the market.
Zooming into the lower time frame, steeper descending channel correctively moving down the price also, hitting a potential recent double bottoms.
I would wait to see clear breakout from that lower time frame channel structure, and corrections to look for the buys.
If we can get enough momentum to breakout the larger parallel structure, that I would expect the continuation correction to push up the price further, and the start of the USD strength move.
This would also add confluence to all my USD bullish bias.
Thank you
USD has been in a bearish price action since end of May, and has continue to drop down since.
However, understanding how price move and structure formation may give us clue to otherwise.
Looking at the latest price action, we start to see a parallel, descending type of larger channel structure forming, and can be the first sign of a reversal from the market.
Zooming into the lower time frame, steeper descending channel correctively moving down the price also, hitting a potential recent double bottoms.
I would wait to see clear breakout from that lower time frame channel structure, and corrections to look for the buys.
If we can get enough momentum to breakout the larger parallel structure, that I would expect the continuation correction to push up the price further, and the start of the USD strength move.
This would also add confluence to all my USD bullish bias.
Thank you
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