Last trading week was an eventful one as the dollar finally broke a new high in 5 months.
It was a clean break as it closed above the previous high with a strong bullish day candle and the retracement was shallow and the price still sits on to of a 23-month supply zone.
However, it is unlikely that we will see the dollar climb straightaway towards the 24-month supply zone above 99.
The dollar is expected to make a series of climbing and retracing, supported by a rising trendline.
In this week, if we were to take a look at the H4 chart, the short-term trend actually favours a bearish market.
The price is most likely to retest the previous high at 97.6 and only when the retest is successful, the price will continue to rise to a new high again.
It was a clean break as it closed above the previous high with a strong bullish day candle and the retracement was shallow and the price still sits on to of a 23-month supply zone.
However, it is unlikely that we will see the dollar climb straightaway towards the 24-month supply zone above 99.
The dollar is expected to make a series of climbing and retracing, supported by a rising trendline.
In this week, if we were to take a look at the H4 chart, the short-term trend actually favours a bearish market.
The price is most likely to retest the previous high at 97.6 and only when the retest is successful, the price will continue to rise to a new high again.
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