TRUMP Trade - US Dollar short - ?
Hello everyone!
There is a high probability that the dollar rally has come to an end. It appears that the impulse, which could have formed wave ((C)) within a flat correction, has possibly completed.
This flat correction, in turn, may be wave b of a presumed zigzag. If this is the case, there is a high likelihood of the dollar declining to the level of 95.50, with a strong resistance level at 98.80. We are observing a bearish divergence between the price and indicators, which suggests a possible trend reversal or at least a correction.
Fundamentally, there don’t seem to be any clear reasons for the dollar to weaken, but… price comes first.
There is a high probability that the dollar rally has come to an end. It appears that the impulse, which could have formed wave ((C)) within a flat correction, has possibly completed.
This flat correction, in turn, may be wave b of a presumed zigzag. If this is the case, there is a high likelihood of the dollar declining to the level of 95.50, with a strong resistance level at 98.80. We are observing a bearish divergence between the price and indicators, which suggests a possible trend reversal or at least a correction.
Fundamentally, there don’t seem to be any clear reasons for the dollar to weaken, but… price comes first.
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Overall, good news for the bears! It is highly likely that we are seeing a leading diagonal forming wave ((i)) on the hourly timeframe. A correction to the 108.32–108.92 zone is possible now, from where I expect the decline to continue.
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