Tehcnicals : Price has broken the ascending trend line and is making it's way down now. I am currently awaiting for a re-test, only problem is where would the retest be. In the chart I've drawn, the first retest point would be at current market price of 23236.4 which is a broken support turned resistance. The retracement is shallow but matches the 23.6% retracement level. However, the ideal scenario is a retest of the broken ascending trendline, with multiple confluences from price action and Fibonacci.
Side Note : Take profit levels would not be that far off as the new stimulus package could be bullish for the US dollar. But for now, my take is the market would want to price in at a lower market value before buying up too.
Trader's Arena FX
Side Note : Take profit levels would not be that far off as the new stimulus package could be bullish for the US dollar. But for now, my take is the market would want to price in at a lower market value before buying up too.
Trader's Arena FX
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