USD Long after a a pull phase.
USD dollar index
Price action - On the higher timeframe, Dollar is in a weekly downtrend. Price is now in a weekly phase 2 – which means we should be seeing buying, and potential weeks of it.
Currently price has had back-to-back days of buying and is now approaching a daily 200 moving average and a monthly R2 pivot level which may trigger the pull phase on the daily timeframe to 91.50. We would want to see buyers re-emerge in this area of interaction for the next leg higher.
Fundamentally – The CoT data remains bullish on the USD. The 36m index is at 90%, Commercial longs are at all time highs.
What to do now is to monitor how deep the retracement is and see the interaction of off the 91.50 level.
Price action - On the higher timeframe, Dollar is in a weekly downtrend. Price is now in a weekly phase 2 – which means we should be seeing buying, and potential weeks of it.
Currently price has had back-to-back days of buying and is now approaching a daily 200 moving average and a monthly R2 pivot level which may trigger the pull phase on the daily timeframe to 91.50. We would want to see buyers re-emerge in this area of interaction for the next leg higher.
Fundamentally – The CoT data remains bullish on the USD. The 36m index is at 90%, Commercial longs are at all time highs.
What to do now is to monitor how deep the retracement is and see the interaction of off the 91.50 level.
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