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Although I was bearish on DXY a couple weeks back, I am now bullish . DXY has broken out of the the Bearish Structure. And as we all know, Descending Wedges are a bullish signal following a breakout. As clearly seen from this chart, not only has DXY broken out of the wedge but it has also retested it. From here it should continue upwards. It appears a new structure is already starting to form.
I am guessing, we may see a correction around this level as it recently hit a key level but expect a push up to the next order block following a little consolidation within this order block.
It is very important to follow and understand DXY movements as it will have a huge impact on USD pairs. As such, I am expecting USDCAD to extend further to upside (Analysis linked below). As well as GU & EU to melt down further.
Again to summarize, I am expecting a small correction and then a move to the the upside. I will do a review and follow-up next weekend after the coming week’s price action.
Last weekend, I was projecting an upside move for USDCAD (linked below). If the bottom of the right shoulder was caught, then that trade is still valid for potentially 300 pips. Unfortunately I missed that entry. This weekend, I zoomed out and forcasting a larger move from the daily & monthly point of view.
Although USDCAD is consolidating within a descending wedge , my idea assumes that it will break out of it. According to my analysis, I am expecting a breakout to complete the smaller inverted H&S pattern. And then a retest of the support level to create the right shoulder of the larger inverted H&S pattern. Thereafter, the sellers will tire out once again and then a strong push to the upside to complete the pattern(s) and retrace to the .382 fib.
The idea has extra confluence as the structure is supported by a monthly bullish structure. As well as the strengthening USD, which will heavily influence this idea. But one more concern is that I am also expecting Oil to gain strength and if that happens, it could also impact the result of this idea.
If this idea plays out, there will be multiple opportunities to profit off this move. The one I am currently looking for, is the upward move to complete the smaller right shoulder (linked below). Although it won’t initially reach the target, it can still provide 200 pips. From here, there is the possibility to look for the downside move (but it is more risky as it may not happen and at this point and you will be trading against the trend). Thereafter I will look for a retest back to the support level that creates the larger right shoulder for the next big push up. This will be the more interesting move as it can provde from 380 pips to 650 pips.
See the full writeup below…
Here is what I am looking for, for BTC buys.
If we retrace to 45k, this is the area I am looking to buy.
Why?
- 0.618 Fib
- Trendline
- Strong support
- Key Level
To see the full writeup, please check out the details below.
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