USD has been in a bearish price action since end of May, and has continue to drop down since.
However, understanding how price move and structure formation may give us clue to otherwise.
Looking at the latest price action, we start to see a parallel, descending type of larger channel structure forming, and can be the first sign of a reversal from the market.
Zooming into the lower time frame, steeper descending channel correctively moving down the price also, hitting a potential recent double bottoms.
I would wait to see clear breakout from that lower time frame channel structure, and corrections to look for the buys.
If we can get enough momentum to breakout the larger parallel structure, that I would expect the continuation correction to push up the price further, and the start of the USD strength move. This would also add confluence to all my USD bullish bias.
I am also with you in technical analysis but I am confused as the news about USD lately (regarding inflation) is toward bearish.
jojofang0901
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@faize86, Personally I dont care too much about news event. Not that they dont play out or doesn't affect the market, but I dont let them affect my analysis purely from a technical point of view.
If USD will go bearish more, then from a price action point of view it will indicate to me via structures. So as of now, still seeing the price action and structures very clean for the potential bullish move in USD. Thank you :)
Not the start of anything long term strength. Unlimited money printing will cause it to fall hard
jojofang0901
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@Triston27, Hello :) For now I am looking for short/mid term outlook only. My forecast can change as price action and structures continue to develop more so it will give me a more clear understanding of where price can go in the long term. thank you