DXY Short - Multiple Time Frame Order Block & Channel Confluence
Updated
DXY Short - Multiple Time Frame Order Block & Channel Confluence
We can wait for DXY to pull back to the weekly and daily order blocks (95.739 - 96.229). Then look for opportunities to long XXXUSD pairs, such as EURUSD, or short USDXXX pairs, such as USDCAD.
This idea is for educational purposes only. Please always exercise risk management.
Good luck!
DXY reacted to the weekly channel and broke down after seven weeks of consolidation.
- DXY also broke out of the daily channel.
- This created bearish order blocks on the weekly basis as well as the daily basis, where we can potentially scale in limit orders.
- Fundamentally, DXY's previous uptrend appeared to have already priced in the FED's recent hawkish sentiment.
We can wait for DXY to pull back to the weekly and daily order blocks (95.739 - 96.229). Then look for opportunities to long XXXUSD pairs, such as EURUSD, or short USDXXX pairs, such as USDCAD.
This idea is for educational purposes only. Please always exercise risk management.
Good luck!
Note
I posted a EURUSD long idea on 18 Jan 2022 in confluence with this DXY short idea. Please check it out.
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