US. Dollar Currency Index Trading Thoughts on a monthly time frame Major Trend: The Trend is up from May 2011 to December 2016 in an impulsive wave Structure. Moving Averages supported the up trend RSI supported the up trend. Side way correction Pattern structure from January 2017 Till Now Intermediate Trend: is up in an impulsive wave from January 2021 Till Now
The index is facing a strong resistance zone near 103.650-102.210
Expected move: I think the up move will be continue to the resistance and we will see some retracement on weekly and daily bases before braking out the resistance.
From a trading perspective If you are long and have two or three unites, take a partial profit on one unite near the resistance if you have a confirmed signal may be a candle pattern with RSI or any indicator you like on a weekly time frame, and hold the other and reenter after the expected retracement. If you are out of the market wait the next retracement and a buy signal to enter the up trend. Note: if you will short try to short with a small part of your money, because you will be against the main trend.
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