We can see EXY being expensive, with some semi important support levels while DXY on it's own has been trading in a Discount, with important support levels too. This EXY year long range brings our attention to the fact that it could break in any direction even though it coul reject the highs a 2nd -3rd time ->clearly seen in the Monthly chart.
Double Top preceded by a 50% Fibonacci was a bad trade idea. Lost 1K on this for trying someone else idea. Also lifted the SL to 1779-1782 area to act as the biggest risk I would take in this position. Even thought I knew the risks. I normally do not trade Gold since I do not have enough money. I could have taken gains at 1770 instead 📞 I'm such a noob.
1- DXY - Showing possible move in tandem with its HTF relative strenght. Closed the month above it's 200 moving average and closed also above it's key trendline signaling a possible pullback up after testing big resistance levels.
2- Where USDCNY is headed could be alot higher than expected. Since it's inversely correlated to Bitcoin I wonder what will see now...
It feels like we could see a retest of the middle or the bottom of
the channel soon, before a move in the other direction with the
resistance overhead.
I will be looking for breakouts towards 112.27. I will be looking for the price to break 113.1 - 114.79.
Watch out for dips as it started to go down this morning.
110.25 is 61.8% retracement from 26th oct.2022
6H macd looks bullish
12h 200 EMA is at Aprox.109//Just below trendline (lower blue line).
This trade might Take a long time to complete.
Please, Do not Take this as a Good Technical Analysis as market is a double-edged sword and things could go wrong, turn around and go the other direction and could make you lose more money than the initial investement.
Here we'll use the 40MA as a Dynamic support wich is just underneath the forming triple...
H/S forming on lower timeframes, waiting for confirmation at neckline to Sell/Short SL1: Just above the right shoulder then move it over the neckline after confirmation. Potential target of the head and shoulders TP: 91.100
