On the large scale, The overall Trend is still Bearish.
However I do expect the strength of USD to drop for a few days to fill in the imbalance of the previous bull run on the DXY;
Thus, I will expecting a retracement towards the area around level 1.16500:
Confluences at level 1.16500:
Entry Criteria:
Note: It is also possible for price to continue lower from a break and retest of level 1.16000
However I do expect the strength of USD to drop for a few days to fill in the imbalance of the previous bull run on the DXY;
Confluences at level 1.16500:
- Previous Flip Zone (Red)
- Fib Golden Zone (50%-61.8%) (Gold)
- Test of long-term trendline
- Half Level 1.16500
Entry Criteria:
- Break and retest of counter-trendline (Red)
- Retest of golden zone (Gold)
- Retest of Flip Zone (Red)
- Retest of Half Level 1.16500
- Bearish Structure
- Bearish candlesticks
- Moving Average Crossover
- DXY shows strength on a retest of supports
Note: It is also possible for price to continue lower from a break and retest of level 1.16000
