DXY Analysis Overall Bullish, but here is a short opportunity
My long term bias for the DXY is bullish. But a decent short opportunity is present.
First price created made a move to the downside into my demand zone and found support, ultimately creating a double bottom.
Price then made a bullish impulse to complete the double bottom, and now it appears that it may be overextended. When price create a double bottom, normally a retracement/test of the neckline is expected to occur.
The previous daily candle is showing indecision, showing bullish exhaustion/resistance and maybe price is ready to make a push to the downside and test the neckline or at least retrace to the 50.0 fib level.
On the 4h time-frame there is large a bearish engulfing candle, displaying heavy bearish pressure.
On the 2h time-frame, a double top has formed which is a bearish candlestick pattern.
If you agree, feel free to LIKE. If you see something else feel free to share your analysis, all ideas are welcome!
First price created made a move to the downside into my demand zone and found support, ultimately creating a double bottom.
Price then made a bullish impulse to complete the double bottom, and now it appears that it may be overextended. When price create a double bottom, normally a retracement/test of the neckline is expected to occur.
The previous daily candle is showing indecision, showing bullish exhaustion/resistance and maybe price is ready to make a push to the downside and test the neckline or at least retrace to the 50.0 fib level.
On the 4h time-frame there is large a bearish engulfing candle, displaying heavy bearish pressure.
On the 2h time-frame, a double top has formed which is a bearish candlestick pattern.
If you agree, feel free to LIKE. If you see something else feel free to share your analysis, all ideas are welcome!