Greetings everyone, here you can read my morning analysis in the Dollar index expecting a new lower low and a reversal. The Dollar index might still make a lower low but with a double bottom and bullish hammer in the 4 hour chart so far, we could very well have bottomed and reversed onward to 100.
I would not be bullish here as I expect price to get rejected at the upper channel boundary and reverse at least towards 1.0780.
As mentioned in my post yesterday regarding this pair, our target has almost been reached. I expect a bearish reversal and therefore I’m waiting for a suitable setup.
Remains in a bullish trend as long as price remains above 110.85 targeting 112.50.
This is one pair where I expect to see Dollar weakness in contrast to my general bullish view. Many bearish divergence signals. A back test of the breakout red trend line is expected.
Thank you for taking the time to catch up on my thinking.