DXY Getting Set for A Drop In Price?
Updated
Had to do this on mobile as I'm not with my laptop for now.
This is my view of the DXY.
I'm intrested in selling the DXY if/when price rises beyond the 102.548.
The 102.548 to 103.595 is an area where I anticipate there are offers/supply.
Also using Wyckoff methodology to track the movement of price, we see price is in an upsloping distribution, and I'm anticipating a potential UTAD (upthrust after distribution) in that offer area.
Also, any potential utad is likely to occur around the upper trend line of the upsloping channel.
Will sell the USD till 99.495
This means I'll be looking to go bullish on the eur/usd and other USD pairs as well.
NFP on Friday may present a good opportunity for this if this has not played out by then.
As always, I'm open to change my opinion if the market does otherwise.
Feel free to share your thoughts on this.
This is my view of the DXY.
I'm intrested in selling the DXY if/when price rises beyond the 102.548.
The 102.548 to 103.595 is an area where I anticipate there are offers/supply.
Also using Wyckoff methodology to track the movement of price, we see price is in an upsloping distribution, and I'm anticipating a potential UTAD (upthrust after distribution) in that offer area.
Also, any potential utad is likely to occur around the upper trend line of the upsloping channel.
Will sell the USD till 99.495
This means I'll be looking to go bullish on the eur/usd and other USD pairs as well.
NFP on Friday may present a good opportunity for this if this has not played out by then.
As always, I'm open to change my opinion if the market does otherwise.
Feel free to share your thoughts on this.
Note
As anticipated, NFP supplied the "ammunition" for this trade.I am now long the eur/usd, gbp/usd and the nzd/usd.
Trade closed manually
nzd/usd: lossgbp/usd: b/e
eur/usd: b/e
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