DXY (Dollar) Intra Day/Week Play - 27/05/2024
On the monthly we can see that the dollar is on aan upward trend after breaking outu of it's previous range at 88.528 which has now become a key level of support.
We have seen this extention continue to levels 113.016 and then returned back to create a range between 101.421 (lows) and 107.424 (highs)
Price action is suggested to continue ranging to complete distributiob before heading to the downside to test the POC levels of 99.885 and possibly even further to 94.510 to test the bullish order block which has yet to be mitigated before continuing back on the upward trend.
On the Weekly we can get a clearer picture of this range and noticeably see that supply side liquidity at 106.726 has been swept which futher confirms our assumption that price will continie to the downside to the POC levels at 99.955
On the 4 hour we are able to get an even cleared picture with some assumptions being made that will test the 105.051 levels to form a bearish head and shoulders pattern and then heading down to test support level of 104.043 as part of a change of character, only to retract back to retest previous support at 104.380 and continue to he downside to reach our POI at 102.517.
Taking all these price movements into consideration it is very likely that we'll see the greenback test all these levels to head back int the demand zone area of 100.500 - 102.000 over the coming week.
Let me know what you guys think.
Hope you have a great week ahead.
Happy Trading.
We have seen this extention continue to levels 113.016 and then returned back to create a range between 101.421 (lows) and 107.424 (highs)
Price action is suggested to continue ranging to complete distributiob before heading to the downside to test the POC levels of 99.885 and possibly even further to 94.510 to test the bullish order block which has yet to be mitigated before continuing back on the upward trend.
On the Weekly we can get a clearer picture of this range and noticeably see that supply side liquidity at 106.726 has been swept which futher confirms our assumption that price will continie to the downside to the POC levels at 99.955
On the 4 hour we are able to get an even cleared picture with some assumptions being made that will test the 105.051 levels to form a bearish head and shoulders pattern and then heading down to test support level of 104.043 as part of a change of character, only to retract back to retest previous support at 104.380 and continue to he downside to reach our POI at 102.517.
Taking all these price movements into consideration it is very likely that we'll see the greenback test all these levels to head back int the demand zone area of 100.500 - 102.000 over the coming week.
Let me know what you guys think.
Hope you have a great week ahead.
Happy Trading.
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