dollar shows a bullish reversal patternas we can see from the chart, DXY has an ends the day with an hammer ( in which the lower shadow is at least twice the size of the real body.Hammers signal a potential capitulation by sellers to form a bottom, accompanied by a price rise to indicate a potential reversal in price direction.
This hammer is seen sitting below an ending diagonal. An ending diagonal is a type of impulsive motive wave in Elliott Wave Theory that will be found in the subdivision of fifth waves or whole C waves in a structure. An ending diagonal C wave or 5th wave commonly shows an obvious wedge shape with an overlapping wave 1 and wave 4. These will subdivide into 3-3-3-3-3.
Dollarsignals
DOLLAR INDEX Buy SignalPattern: Channel Down on 4H.
Signal: Buy as the RSI and MACD have hit their respective Support levels, with the price already near the Lower Low trend-line of the Channel.
Target: 92.85 (potential contact with the 4H MA50).
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DOLLAR INDEX Buy SignalPattern: Rectangle on 4H within 92.50 - 94.00.
Signal: Buy as the MACD and RSI are ascending and just made contact with their bullish trend-line.
Target: 93.90 (just below the Resistance).
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DOLLAR INDEX Buy SignalPattern: Rectangle on 1D.
Signal: Bullish as a candle of such strength has led to a new (Lower High) within the Rectangle on all 3 previous occasions.
Target: 100.80 (Lower High on the dashed line).
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EURUSD Trading planPattern: Channel Down on 4H.
Signal: Bearish as the price is close to the Lower High trend line of the pattern. The trend is bearish as long as the 4H MA50 is intact. If crossed, expect a test of the 4H MA200.
Target: 1.08050 (the inner Lower Low trend line).
My long term view and target on EURUSD:
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EURUSD Sell SignalPattern: Parabolic rise on 4H.
Signal: Bearish as the rejection was made exactly on the 0.5 Fibonacci retracement of the 1.1240 Top (Dec 31) and just above the 4H MA200.
Target: 1.09200 and 1.09000 (the 0.382 and 0.5 Fibonacci retracement respectively of the parabolic move).
Previous successful Buy Signal:
USD/JPY Short Term Weak Buy SignalAs you know, USD/JPY had a thriving week for the bears. We believe it is time to have a short term correction. Having said that, you should not be putting a lot to risk as bears still look powerful. However, we share it since we see a good opportunity risk/reward-wise.
Follow to hear more.
Entry: 108.00
Stop: 107.7
Target: 109.25
Have a nice week!