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USDOLLAR trade ideas

USD: Bearish resumption or bullish breakout?Following up on my recent ideas of eurusd long and gold long and usdchf short ...Looking at the us dollar index chart, it also confirms that we are at potential reversal zone and a key trading area. We are testing the top of the channel and the horizontal resistance and key high at 12012. As i mentioned earlier, we need a fundamental/economic catalyst to push the us dollar higher, as of now, we do not have it. So i am in favor of the bearish resumption scenario. However, as a trader i should trade what i see and adapt with what the charts give me, so i would stop and reverse my bias from bearish to bullish on a break above this resistance area. Best Technician
DJ:USDOLLARShort
by Technician
8
USDollar Analysis We have seen the MAs crossover on the monthly, weekly and daily timeframes, indicating future bearish momentum. I foresee price coming down to the 11650 monthly support area which lines up with the monthly upward trend line that could result in a 3rd retest of the trend line which could take us to new highs of 13254 which is weekly resistance and lines up with the 127.2% fib extension level. However if further dollar weakness arises along the coming weeks, this could mean we could break the monthly trend line to the downside, with our next immediate target being 11325 and 11000 as the next target should bearish momentum continue. However my short term bias for the dollar is bearish & long term bullish.
FX:USDOLLARShort
by infinitewealthinvestments