US DOLLAR: Sell opportunity following channel break

2 Jul

Price on DXY recently broke above a sharp descending channel, but the move lacked presence. There was no real follow-through and certainly no conviction behind the candles. It felt hesitant, as this is a great indication for us to use.

Instead of accelerating upward, price now hovers just above the breakout, this kind of behavior suggests rather a random push than a shift in sentiment. Without the strength to sustain above structure, I think we will see the price come back to the channel's lower border.

And when breakouts fail, they often trap early longs, preparing for a more committed move in the opposite direction.

A rejection from this level could send price into the 0.85800 level.

3 Jul

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4 Jul

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The recent news and move related to it made me change my view on next possible target, I will reassess this