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Is the US Dollar bottom in? After a solid downtrend that broke some significant weekly support zones and market structure, the USD index looks to have found a bottom and is now in correction mode on the daily. I'm expecting further short-term strength to test the previous structure before DXY decides its next move. It's not common to trade this index by itself, however, it's a really good indicator and confirmation of trades we may be taking that are inversely correlated. See you on the next FX market scan to discuss further. Cheers Dale DISCLAIMER: Just ideas, no crystal ball, NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation.
TVC:DXY
by OrganicFX
4
Is EURUSD about to Melt up? During last week we were tracking the EURUSD correction and wanted to see evidence of buying activity to signal a resumption of the long-term uptrend. We got that around previous support levels and saw a nice impulsive move up. Then on Monday's FX market scan, we were tracking what looked like a bull flag on the smaller timeframes, and a potential head and shoulders pattern. The bull flag broke to the upside nicely and now we've seen a confirmed break of the neckline. Looks to me that we've got the resumption of the longer-term uptrend with a view to test the previous highs at 1.2342 for a start, and then onto round number 1.2500. I'm looking to keep re-entering longs after any corrections on the smaller timeframes. See you at next Monday's FX market scan. Cheers Dale Please like and subscribe for more ideas
Long
by OrganicFX
2