The Dollar is on the march again with the FOMC decision and statement today looks like to be pushing for another Yearly high aiming towards the HUGE Monthly SUPPLY/SELL zone that starts at 119 though that's the LONG term target there should likely be a correction before that happens. I had posted a couple of weeks ago about a SELL position 2 weeks ago you can read that in related ideas.
I am expecting a pull back down towards the previous Monthly resistance around 104 or maybe slightly lower into the the Newly formed Monthly DEMAND/BUY zone although patiencly waiting for the correct signal to happen.
What I want to see happen over the next 2 days to confirm my entry and basis for the trade idea is for price to close back under 110 on the DAILY charts and for my indicator to give a SELL signal again.
I also expect maybe today that the DXY will pop a NEW high and sharply reverse after the news *IF WE GET A DAILY CLOSE ABOVE THE CURRENT TRENDS HIGH AT 110.750 THEN WE CAN EXPECT A LITTLE MORE UPSIDE BEFORE THE CORRECTION OCCURS*
I am expecting a pull back down towards the previous Monthly resistance around 104 or maybe slightly lower into the the Newly formed Monthly DEMAND/BUY zone although patiencly waiting for the correct signal to happen.
What I want to see happen over the next 2 days to confirm my entry and basis for the trade idea is for price to close back under 110 on the DAILY charts and for my indicator to give a SELL signal again.
I also expect maybe today that the DXY will pop a NEW high and sharply reverse after the news *IF WE GET A DAILY CLOSE ABOVE THE CURRENT TRENDS HIGH AT 110.750 THEN WE CAN EXPECT A LITTLE MORE UPSIDE BEFORE THE CORRECTION OCCURS*
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