Good day to all, more Dollar weakness is what most pairs show to me and the Dollar index as well. I do not believe the Dollar has bottomed yet. Trend remains bearish for the Dollar index and apart from GBPUSD, most pairs I can see good tradeable opportunities shorting Dollars.
Rejection at trend line resistance and new lows expected in the Dollar index.
Inside bullish channel. At least one more new high towards 1.08 is expected as long as we trade above 1.07 and inside the bullish channel
Triangle formation, usually the last consolidation before the final leg up. A few days ago I mentioned that we are on the road to 1.30. This is the level where I expect the first upward leg to end. I’m longer-term bullish.
Medium-term trend remains bearish. Oscillators turning lower from overbought levels and price getting rejected at the cloud resistance. I believe we can see below 108.
Showing rejection signs at the trend line resistance. I expect a pull back towards 1.3360 at the 4 hour cloud support where a stronger bounce could follow. For now I’m bearish expecting 1.3360.
Trading inside the cloud implies neutral trend. However price is holding both cloud and trend line support as oscillators turn upwards. Price is testing daily tenkan-sen (red line indicator) and if we close above 0.7540 we could next see 0.7625.
Price is bouncing off the cloud support while the pair is most probably making a higher low above the critical support of 0.69. Target remains near 0.71-0.7150.
I’m Dollar bearish for the short-term. I’m positioned SHORT in USDCAD.
Thank you for taking the time to catch up on my thinking.
Have a great weekend