US Dollar IndexUpdated USDX updates
Here's a little update on USDX. I've been scalping this short with a long bias for a while now; as you can see, we're approaching a major trend line.
Of the many possible outcomes, these are the two I'm watching for the most.
1. We move to the upper resistance zone around 105.75, followed by a wick back down into the larger pattern, which would generate significant bearish momentum.
2. We hit resistance and experience a moderate pullback before a sudden upward burst.
Provided we wick back down we will fill our exposure and be able to change for the larger move up. Alternatively, will position ourselves for the move up on the retest of the topside of the pattern.
The arrows on the chart are not targets just to show direction. Please note this always.
Of the many possible outcomes, these are the two I'm watching for the most.
1. We move to the upper resistance zone around 105.75, followed by a wick back down into the larger pattern, which would generate significant bearish momentum.
2. We hit resistance and experience a moderate pullback before a sudden upward burst.
Provided we wick back down we will fill our exposure and be able to change for the larger move up. Alternatively, will position ourselves for the move up on the retest of the topside of the pattern.
The arrows on the chart are not targets just to show direction. Please note this always.
Note
Adding a fair amount of exposure here on the short side.
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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.
Disclaimer
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.