Following its most recent bull leg on 1D, the Dollar Index was again rejected near the 97.70 1W Resistance, causing the 4H Channel Up to break downwards (RSI = 40.558, MACD = -0.060, Highs/Lows = -0.0793, B/BP = -0.1870). This rejection technically calls for a re-testing of the 95.80 1D Support. However the 1W Channel Up (RSI = 54.944, MACD = 0.450, Highs/Lows = 0.0042) has its technical Higher Low earlier within 96.00 - 96.20 so it may rebound there. Our TP will be 97.50 upon the rebound.
On a sidenote, it is obvious that the 1W Resistance (97.70) has been rejecting every upside break out attempt since November 2018. The 1W Channel Up runs the risk of breaking the Channel (at best sideways) if the 1W Resistance doesn't break on the next test. If it doesn't break, the probability of a bearish break-out towards 95.00 will be greater and then we will need to discuss the high probability of a long term trend change. Updates will follow.
Take a look at our previous analysis, which took advantage of the 95.80 low:
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
On a sidenote, it is obvious that the 1W Resistance (97.70) has been rejecting every upside break out attempt since November 2018. The 1W Channel Up runs the risk of breaking the Channel (at best sideways) if the 1W Resistance doesn't break on the next test. If it doesn't break, the probability of a bearish break-out towards 95.00 will be greater and then we will need to discuss the high probability of a long term trend change. Updates will follow.
Take a look at our previous analysis, which took advantage of the 95.80 low:
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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I trade Crypto, Forex, Indices & Commodities all from one account on PrimeXBT with TradingView charts
Register here👉 investingscope.s.gy/PrimeXBT
Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
Register here👉 investingscope.s.gy/PrimeXBT
Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
Publicaciones relacionadas
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.