DXY - watch for short term downside
Updated
Good morning everyone,
DYX has been pulling back, sending both EUR/USD and GBP/USD to multi week highs.
Under this backdrop, the trendline that's been holding since February 4th 2022 is on the cards over the next days. Let the price consolidate around the levels it is right now and if some corrective pattern (bear flag, parallel channel) develops between 108,5 and @109, you can either go short by putting an entry order around the previous support (now resistence) @109 (more agressive) or wait for the reversal to confirm itself by breaking 108,3 level. Either way, my aim is for the price to touch the trendline mentioned before with the first target on the way there being @107,62.
If you have any questions, feel free to comment or get in touch.
Wish you all the best trades,
PTFX
Disclaimer: This post does not provide any kind of financial advice. It is for educational purposes only and solely supported by my understanding of the technical figure based on wave theory.
DYX has been pulling back, sending both EUR/USD and GBP/USD to multi week highs.
Under this backdrop, the trendline that's been holding since February 4th 2022 is on the cards over the next days. Let the price consolidate around the levels it is right now and if some corrective pattern (bear flag, parallel channel) develops between 108,5 and @109, you can either go short by putting an entry order around the previous support (now resistence) @109 (more agressive) or wait for the reversal to confirm itself by breaking 108,3 level. Either way, my aim is for the price to touch the trendline mentioned before with the first target on the way there being @107,62.
If you have any questions, feel free to comment or get in touch.
Wish you all the best trades,
PTFX
Disclaimer: This post does not provide any kind of financial advice. It is for educational purposes only and solely supported by my understanding of the technical figure based on wave theory.
Trade active
Price reached the first small downside target although it did not reach the red upward slopping trendline. Wait for small correction (1h bear flag) to sell @110.6. The projection still is that price comes to the upward slopping trendline, even if it then keeps grinding higher.
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