Larger weekly time frame giving bearish bearish signals, the pair is approaching the 4hr TL around 1.314, if a double top forms with clear rejection and confluence from both Oil and DXY could be a great sell trade. Oil currently at the 0.236 FIB level showing signs of a rejection; however from a fundamental standpoint there seems to be some concern with there being some potential “hidden” Iranian Oil barrels which may prevent jump higher; Crude oil stock released at 21:30 GMT. DXY has been on a huge upsurge and has broken the 4hr TL subsequent to investor speculation of a bigger rate cut of 50 bps however could be time for a reversal to downside as it reaches resistance area identified using price action and bulls losing steam. On the flip side should DXY continue surging upwards, this pair could continue bullish momentum to next zone.
Oil:
DXY:
Oil:
DXY:
Trade closed: stop reached
DXY continuation of bullish momentum
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.