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Dissecting the waves in Dollar
Here we are tracking Dollar sitting at key resistance between 97.5 - 97.7. This is an ABC target from a sequence that started in March. Bulls will need to get above 97.7 to confirm a break, till then I see scope for one final move to the downside.
This is a counter trend trade so I would only recommend taking if you know exactly how to manoeuvre in this environment. A reversal here can retrace as far as 95.5 which is another ABC target since March.
For those tracking oscillators, they are extremely overstretched at current levels and objectively this is a sensible place to start watching for signs of a turn.
Tracking 97.7 very closely here as a break above will open up below 1.115 in EURUSD and will confirm a breakout to the upside in all Dollar pairs.
Best of luck all positioning for a break up or another leg down in Dollar, both sides are tradable and remember to stay nimble here.
This is a counter trend trade so I would only recommend taking if you know exactly how to manoeuvre in this environment. A reversal here can retrace as far as 95.5 which is another ABC target since March.
For those tracking oscillators, they are extremely overstretched at current levels and objectively this is a sensible place to start watching for signs of a turn.
Tracking 97.7 very closely here as a break above will open up below 1.115 in EURUSD and will confirm a breakout to the upside in all Dollar pairs.
Best of luck all positioning for a break up or another leg down in Dollar, both sides are tradable and remember to stay nimble here.
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