Will the USD lose its momentum ? Bearish Reversal Price Action

Hi traders:

Looking at DXY here to get a better picture of how the USD may develop into the next few weeks.

We can see from the previous descending channel and my outlook, we have a strong bullish impulse, reversal from the descending channel.

After the strong bullish up move, price begin to form into another correctional structure. This time its getting squeeze into a potential rising wedge.

As we know these type of price action structures are best with its pair with other bearish confluences. We see a potential double tops as well.

Be on the look out for how the price will approach the tops, look for lower time frame bearish reversal price action to confirm the downside potential.

Price may continue to correct upwards, so be patient and don't jump the gun. Wait for clear bearish impulse follow by continuation would be the best.

thank you

評論: