jvaledon

DXY At A Critical Level. Looking For A Pullback

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The US Dollar index has been very strong and annoying. It seems like when we want a pullback on the dollar due to it's recent strength it just gets stronger. But now we have approached a critical level on the weekly chart (at 96.50) that the dollar has not seen since June of last year. A bearish engulfing candle formed on the 4 hour chart but due to recent price action it has been strong on the bullish side. I usually like to see weakness in the current trend before trading on a candle stick pattern. For instance in this case I want to see smaller bullish candles forming at resistance but as I also look at it, it does seem like bulls are getting weaker. I am currently short on DXY and I will be long on the majors such as the EURUSD GBPUSD and NZDUSD ( my targets will be previous resistance for about 100+ pips profit each before going short on them again once they hit the resistance level or show strong bearish price action). So overall I am currently short on DXY looking for the pullback to the 95.50 region and I am Long on the majors I have mentioned.. Let me know what you think and thanks for reading.
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