My Observation: Weekly candle failed to make a new low. Looking for a retest back to 165.916. After which, I anticipate a double top to resume its downtrend back to down to 160. Note that I used ghost candles to show the movement of price.
There is a bullish pennant forming on the 4hr. If the 4hr closes within the pennant, it will bounce higher.
Absolute carnage on the USDCAD. 4hr Close above the Trendline. I am long. Hopefully, it breaks the High.
Trading within the wedge. TP at the other trendline.
4hr chart- The trendline is broken to the upside. Major Support on 1.12100 Daily chart- Pin bar rejecting off the 20 and 50 EMA. Overall trend is bullish. I am not going to set a TP. I will exit with a SL.
Based on my analysis, DXY will very much go up in the future. Criteria for the reasoning: Strong Uptrend on the Weekly Retracement bouncing off the 50% Fib for 2 weeks Pinbar with a long wick above the monthly support This week, I could see the news being the deciding factor for the continuation of this bullish trend. For that reason, on the short/medium term,...
Reasons for why I am going long. -Main trend (Weekly & Monthly) is UP. -PA on the 4hr is a hammer(Long tail), right on top of a daily support area. -PA on the 4hr formed on the 38.2% Fib level. Entry- Enter on the 50% Fib of the Hammer with a tight SL. (181.173) Exit- 185.000 or 185.500 wait for a pullback to pyramid long.