Sup, I think dxy is going to retrace christmass and new years week, and after the holidays it's going to continue the selling pressure.
Why? Because market needs liquidity in this time and where is more likely to find it? Going for Stop hunts on previous sell areas.
Also is end of year and a lot of banks and hedge funds are taking profits from USD shorts.
Why? Because market needs liquidity in this time and where is more likely to find it? Going for Stop hunts on previous sell areas.
Also is end of year and a lot of banks and hedge funds are taking profits from USD shorts.
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Retrace is about 103.100 to 103.400 and 4 target bear leg is about 100.900 and 100.600
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If you see my previous DXY idea you can see we reached all targets in this bearish momentum, very good time to retrace.
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I think this also could be a possible scenario in DXY. A further sweep to then a retrace, gonna keep an eye on both.
I think this also could be a possible scenario in DXY. A further sweep to then a retrace, gonna keep an eye on both.
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Second scenario did play out, faster than expected. I think dxy bottomed here for at least a while, should be till next fomc. We could see a decent retrace to 103 there is a big ineffiency there that could get filled in the short term to gather momentum for more dxy downside.