A nice ST reversal swing setup forming here that will be easy to defend for sellers. Naturally here in the middle of the range is surrounded in chop, but there is still hope.
The technical range in USD is clearly defined after the swing down. We have strong resistance at 0.92 which is a cheap sell on rallies, with 0.90 acting as soft support and another test would be fatal in opening up the downside.
Unless there is a huge surprise today with Fed we can move up to squeeze the dollar bears in the short-term and trigger enough energy for the next impulsive swing down in DXY.
📌 See the macro USD annotation.
Here we are dealing with an admittedly somewhat unusual example of artificial dollar devaluation as the WH / FED (same thing nowadays) are faced with a choice between a weaker currency and a weaker stock market. The ebb and flow lower in DXY will not be without pullbacks, know when to attack accordingly.
Thanks as usual for keeping the feedback coming 👍 or 👎
The technical range in USD is clearly defined after the swing down. We have strong resistance at 0.92 which is a cheap sell on rallies, with 0.90 acting as soft support and another test would be fatal in opening up the downside.
Unless there is a huge surprise today with Fed we can move up to squeeze the dollar bears in the short-term and trigger enough energy for the next impulsive swing down in DXY.
📌 See the macro USD annotation.
Here we are dealing with an admittedly somewhat unusual example of artificial dollar devaluation as the WH / FED (same thing nowadays) are faced with a choice between a weaker currency and a weaker stock market. The ebb and flow lower in DXY will not be without pullbacks, know when to attack accordingly.
Thanks as usual for keeping the feedback coming 👍 or 👎
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