DXY Short Idea
Overall we are very bearish on the USD and are looking to continue with that trend.
On the 4hour timeframe we recently saw a break of our descending channel. From here we can see two opportunities:
1.Price action continues with the breakout and forms a higher low above 93.30. Look for price action to form structure around 94.00, our 38.2% fib level. Target low upon a confirmed reversal & transition.
2.Price action falls back into our descending channel and continues with the overall bearish trend. Look for a confirmed lower high below 92.60.
Overall we are very bearish on the USD and are looking to continue with that trend.
On the 4hour timeframe we recently saw a break of our descending channel. From here we can see two opportunities:
1.Price action continues with the breakout and forms a higher low above 93.30. Look for price action to form structure around 94.00, our 38.2% fib level. Target low upon a confirmed reversal & transition.
2.Price action falls back into our descending channel and continues with the overall bearish trend. Look for a confirmed lower high below 92.60.