Big Day For The Dollar DXY Index Where to Next ??
The Dollar is on the march again with the FOMC decision and statement today looks like to be pushing for another Yearly high aiming towards the HUGE Monthly SUPPLY/SELL zone that starts at 119 though that's the LONG term target there should likely be a correction before that happens. I had posted a couple of weeks ago about a SELL position 2 weeks ago you can read that in related ideas.
I am expecting a pull back down towards the previous Monthly resistance around 104 or maybe slightly lower into the the Newly formed Monthly DEMAND/BUY zone although patiencly waiting for the correct signal to happen.
What I want to see happen over the next 2 days to confirm my entry and basis for the trade idea is for price to close back under 110 on the DAILY charts and for my indicator to give a SELL signal again.
I also expect maybe today that the DXY will pop a NEW high and sharply reverse after the news *IF WE GET A DAILY CLOSE ABOVE THE CURRENT TRENDS HIGH AT 110.750 THEN WE CAN EXPECT A LITTLE MORE UPSIDE BEFORE THE CORRECTION OCCURS*
I am expecting a pull back down towards the previous Monthly resistance around 104 or maybe slightly lower into the the Newly formed Monthly DEMAND/BUY zone although patiencly waiting for the correct signal to happen.
What I want to see happen over the next 2 days to confirm my entry and basis for the trade idea is for price to close back under 110 on the DAILY charts and for my indicator to give a SELL signal again.
I also expect maybe today that the DXY will pop a NEW high and sharply reverse after the news *IF WE GET A DAILY CLOSE ABOVE THE CURRENT TRENDS HIGH AT 110.750 THEN WE CAN EXPECT A LITTLE MORE UPSIDE BEFORE THE CORRECTION OCCURS*
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