In my previous long term analysis for the U.S. dollar index six months ago (tradingview.com/v/nFjCrZRH/), I was anticipating this bullish breakout, indeed the breakout materialized, however, at this juncture, i moved to a higher time frame(3-months) to show a major falling trend line(on logarithmic chart) that is being retested now, in addition to that, the price has corrected 50 percent of the overall bearish wave from 121 to 70. We may see the index correct some of recent months sharp gains. I prefer to book profits on any USD long positions for now, as we might see a reasonable pullback within the coming weeks. But i believe that we should be prepared to long the dollar again from lower levels.
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Kommentare
sigmadict
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What ATR as to do with all that ? explain please
sigmadict
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In what i understand from this indicator, it could be that the bullish move as no strength (volatility resistance) "ATR is not a directional indicator, such as MACD or RSI. Instead, ATR is a unique volatility indicator that reflects the degree of interest or disinterest in a move. Strong moves, in either direction, are often accompanied by large ranges, or large True Ranges." For what I get is that this move was weak ? Anybody that can contribute to this .. thanks
steel.139
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Thanks!
it may be a reason for USDERU breakout main RL and take USDERU to 1.5 level from 1.1
mbrennan
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Great perspective, Technician.
Why do you think the Dollar will strengthen again for another leg up after this pullback?
Thanks
HexVex
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Right on Bro :)
justatrader
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You're in good company ;) so to speak... and thanks to those still long on the Dollar. Without them, it wouldn't be any fun.
tradingview.com/v/8Z10860c/
Technician
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One of the most powerful patterns in my view is the hanging man with a follow and break below the low of the candle, lets see if we get that
Recluse82
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i think long term short dollar and from 80-76 buy to the sky
justatrader
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I already put it into reversal pattern, largely because of the hanging man coming in at a gap that was unfilled for years.
Secondly, this week's candle gapped lower, so i'm inclined to believe that we will see a strong bearish close this week.
The way I see it, either ADP/NFP will erase those losses (or they could disappoint given that 3/4 weekly jobless claims rose more than expected). We could either see a strong bearish candlestick this week or a doji.
Eitherways, with hanging man, there is a possibility of a minor high being made (typical stop hunt) before resuming lower. If we see a strong bearish close, then we can expect a squeeze next week or so before the short term trend resumes lower.
A-shot
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On weekly daily it was already over that line, but its retracing a bit now