Hello Traders! Happy New year!
Thank you for taking the time to read my ideas.. please share your comment below and hit the like button to help grow my confidence on my trading journey.
I hope this new year brings lots of Happiness, Joy, Love, and of course Profits!
DXY
DXY has been steadily declining for the majority of 2020.. with the pandemic ripping through our country and feds to continue to support in any way to achieve economic growth, I see a bearish outlook into the 2021 year. If we look on lower time frames (4H) from my previous post, we can see that price keeps testing a demand zone which I expect a change of momentum for the near future.
On a Monthly outlook, we can see a potential Double Top forming which price is near the Neck-Line at 88.81 if we get a rejection we will get a near term bullish drive, however if price breaks the neck line I expect the price to fall to the 85.00 range, possibility even to the 81.00 range later on this year which has a strong area of confluence.
Here are some reasons to support this analysis.
Short Term Sentiment: BULLISH
-Price moving within a Trend Channel
-Currently price is testing a demand zone (4H)
-Daily/Weekly candlestick closed above key level of support
-Jobless Claims data keeps declining showing economy growth/recovery hope
-Vaccine Distribution began/on going
Long Term Sentiment: BEARISH
-DXY has declined over 12.50% since beginning of pandemic
-Feds money supply keeps growing
-Feds will CONTINUE to print money until economic recovery
-Pandemic not over, economy has long way for recovery
-Potential Double Top pattern forming, price approaching Neck-Line (key level of support)
Happy Trading in 2021!
Don't forget to click the LIKE button and FOLLOW me for more ideas.. please share your comments/analysis, lets manage these trades together! :)
Thank you for taking the time to read my ideas.. please share your comment below and hit the like button to help grow my confidence on my trading journey.
I hope this new year brings lots of Happiness, Joy, Love, and of course Profits!
DXY
DXY has been steadily declining for the majority of 2020.. with the pandemic ripping through our country and feds to continue to support in any way to achieve economic growth, I see a bearish outlook into the 2021 year. If we look on lower time frames (4H) from my previous post, we can see that price keeps testing a demand zone which I expect a change of momentum for the near future.
On a Monthly outlook, we can see a potential Double Top forming which price is near the Neck-Line at 88.81 if we get a rejection we will get a near term bullish drive, however if price breaks the neck line I expect the price to fall to the 85.00 range, possibility even to the 81.00 range later on this year which has a strong area of confluence.
Here are some reasons to support this analysis.
Short Term Sentiment: BULLISH
-Price moving within a Trend Channel
-Currently price is testing a demand zone (4H)
-Daily/Weekly candlestick closed above key level of support
-Jobless Claims data keeps declining showing economy growth/recovery hope
-Vaccine Distribution began/on going
Long Term Sentiment: BEARISH
-DXY has declined over 12.50% since beginning of pandemic
-Feds money supply keeps growing
-Feds will CONTINUE to print money until economic recovery
-Pandemic not over, economy has long way for recovery
-Potential Double Top pattern forming, price approaching Neck-Line (key level of support)
Happy Trading in 2021!
Don't forget to click the LIKE button and FOLLOW me for more ideas.. please share your comments/analysis, lets manage these trades together! :)
