DXY has managed to break the 4hr support as stated in my prior post. This gives us a clear indication that the sellers have not lost momentum in any way they are still pushing the dollar down.
COT reports also show how the hedge funds and institutions have more short positions than long meaning that they are very bearish on the dollar, hence we keep seeing rallies on GOLD to the upside.
As much as 4hr support has broken we need a clear pull back which could trigger short term buys on shorter time frame such as the 1hr. We can use that opportunity to make day trades to capitalize before the swing trade to the downside which may continue for the rest of September.
Happy Trading.
COT reports also show how the hedge funds and institutions have more short positions than long meaning that they are very bearish on the dollar, hence we keep seeing rallies on GOLD to the upside.
As much as 4hr support has broken we need a clear pull back which could trigger short term buys on shorter time frame such as the 1hr. We can use that opportunity to make day trades to capitalize before the swing trade to the downside which may continue for the rest of September.
Happy Trading.
