Can Dollar Remains Bearish?
The dollar ended the week with a strong-bodied bearish candle as it fell every day throughout the week.
The price is seen breaking below the bottom of an ascending triangle which was formed after the previous bearish trend started from the highest price at 103.8.
Seeing how bearish the trend is last week and the fact that it also broke below a consolidation structure, the price could continue to fall in this coming week.
The price may fall to a certain extend of the previous bearish trend and possibly complete the CD leg of an ABCD pattern.
If the price does continue to fall, watch out for the two demand zone below, around 98 and 96.5 as plotted in the chart.
Should the price pulls back upwards, look for an opportunity to sell again at the minor supply zone from 100 onward.
Nevertheless, as bearish as last week seems, the price did not break the previous low which could mean that it may continue to range within 98.8 and 100.9.
The price is seen breaking below the bottom of an ascending triangle which was formed after the previous bearish trend started from the highest price at 103.8.
Seeing how bearish the trend is last week and the fact that it also broke below a consolidation structure, the price could continue to fall in this coming week.
The price may fall to a certain extend of the previous bearish trend and possibly complete the CD leg of an ABCD pattern.
If the price does continue to fall, watch out for the two demand zone below, around 98 and 96.5 as plotted in the chart.
Should the price pulls back upwards, look for an opportunity to sell again at the minor supply zone from 100 onward.
Nevertheless, as bearish as last week seems, the price did not break the previous low which could mean that it may continue to range within 98.8 and 100.9.
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