The US dollar has been on a bearish trend for most the recent months, with an over-waited push to the upside created last week, forcing he dollar to evidently create its first HH and HL in a while. However, on the look for a short to its original key level 104.38 for perhaps a breakout or retest to the upside.
Key factors:
- Clear lower high formed at the 61.80% retracement
- No support level for buyers to enter in no man's land
- MACD showing strong bearish momentum has begun
- RSI finally breaking the overbought strength indicating the further push to the downside
- Perfect hanging man bearish candlestick formation created at the forming of the lower high
- Overall bearish trend with the possible bullish trend continuing at the TP zone
- MA lines crossing on the 1hr and reacting above price
- All confluences are heavily respected and transparent on the daily time-frame
RR: 4.91 ~ SL 11pips ~ TP 56pips
Entry: Once i get a confirmation of a bearish closed candlestick formation forming to the downside AND a break and retest on the small consolidation at the formation of the LH on the 15-30 minute time-frame i will execute the trade.
Key factors:
- Clear lower high formed at the 61.80% retracement
- No support level for buyers to enter in no man's land
- MACD showing strong bearish momentum has begun
- RSI finally breaking the overbought strength indicating the further push to the downside
- Perfect hanging man bearish candlestick formation created at the forming of the lower high
- Overall bearish trend with the possible bullish trend continuing at the TP zone
- MA lines crossing on the 1hr and reacting above price
- All confluences are heavily respected and transparent on the daily time-frame
RR: 4.91 ~ SL 11pips ~ TP 56pips
Entry: Once i get a confirmation of a bearish closed candlestick formation forming to the downside AND a break and retest on the small consolidation at the formation of the LH on the 15-30 minute time-frame i will execute the trade.