USD at choke point
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For most of 2022, the USD rallied bullishly and pulled back in the last quarter of 2022, falling as 2023 unfolded. Recent weeks saw some recovery in the USD but it failed the 23EMA. The devil in the details show that there is a Dark Cloud Cover candlestick pattern, which bodes ominously for the USD in the following weeks. Noted that the close had to be below 104.495, and the week candle closed just below at 104.490, thus qualifying a Dark Cloud Cover.
Having said that, the TD Sequential has the TDST support at 105.435, below which the primary trend is bearish. The following TD Buy Setup closed below and price still remained below despite a bounce.
Another note is that the Fibonacci 61.8% level is at 105.115, again forming another resistance to the USD for breakout.
Taken together, the USD is in a bad place with multiple resistances and appears to have failed these levels. The VolDIv shows a downward movement, albeit the MACD suggesting a short term upside.
Expecting the USD to fall in the coming weeks, maybe months to follow... watch 102 as a potential bounce area.
Having said that, the TD Sequential has the TDST support at 105.435, below which the primary trend is bearish. The following TD Buy Setup closed below and price still remained below despite a bounce.
Another note is that the Fibonacci 61.8% level is at 105.115, again forming another resistance to the USD for breakout.
Taken together, the USD is in a bad place with multiple resistances and appears to have failed these levels. The VolDIv shows a downward movement, albeit the MACD suggesting a short term upside.
Expecting the USD to fall in the coming weeks, maybe months to follow... watch 102 as a potential bounce area.
Komen
Looks like the USD failed the 23EMA breakout. Not a massive downside momentum, but good enough to see the USD fall to 102 as expected.
Penafian
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