Recent price action: Neutral
Pattern: N/A price is ranging at the moment after bouncing off daily resistance
Long-term momentum: Bullish
Short-term momentum: Bullish
Action: Wait to see if price will test and hold S/R. If so, enter long position and sell again at daily resistance. If price moves up and tests daily resistance, then wait until that is a confirmed level of support before taking any long USD positions.
Comments: Will be an interesting next several weeks. U.S. will release NFP data in June and price is nearing weekly resistance. Would be nice to see the dollar slowly make its way up to the 95.16 level before then; however, price still needs to test the 29 EMA. Next week might be a week of consolidation where price does test it.
Pattern: N/A price is ranging at the moment after bouncing off daily resistance
Long-term momentum: Bullish
Short-term momentum: Bullish
Action: Wait to see if price will test and hold S/R. If so, enter long position and sell again at daily resistance. If price moves up and tests daily resistance, then wait until that is a confirmed level of support before taking any long USD positions.
Comments: Will be an interesting next several weeks. U.S. will release NFP data in June and price is nearing weekly resistance. Would be nice to see the dollar slowly make its way up to the 95.16 level before then; however, price still needs to test the 29 EMA. Next week might be a week of consolidation where price does test it.