Had been showing what looked like strength pushing up against the Supply Trendline and threatening to break through, but now it has peeled and down, and it looks like a downtrend may have begun.
Notice how SRP 1 is the end of the bullish phase, but more importantly SRP 2 re-tests the supply trendline.
That wicked re-test is so often a big clue that a reversal is underway.
It is bouncing here and we will need to see if the bounce is a connective wave to then break down and through the 4H 50MA to continue the downtrend š§.
If it does fall then this can potentially be good for stocks and crypto š.
Notice how SRP 1 is the end of the bullish phase, but more importantly SRP 2 re-tests the supply trendline.
That wicked re-test is so often a big clue that a reversal is underway.
It is bouncing here and we will need to see if the bounce is a connective wave to then break down and through the 4H 50MA to continue the downtrend š§.
If it does fall then this can potentially be good for stocks and crypto š.
Note
DXYHas instead found strong support on the 4H 50MA and has pushed back up through the Supply Line with impulse.
And so a wave up may be on and if it is then we will find out shortly what influence DXY has on stock markets and crypto š¤Ø.
Note
DX1 / GBPIts getting very whippy and volatile in dollar related currencies and metals.
Having looked like the breakout of the supply line could be on, dollar has found resistance in the long term resistance band and currently is printing a long wicked shakeout pattern.
So its revving up ahead of high volatility events coming this week.
And now dollar has flipped bearish this is looking positive for assets.
I have exited my GBP position āĀ» never mind building a position, I dont stand in the way of high volatility shakeouts at significant landmarks. And it may mean that in the end I get the short I was looking for on a bounce.
If dollar has a hard dump then I think it could get back to Feb Low Support that is in the retracement Golden Window and then that would be ideal for a GBP short.
It could get very interesting here over the next two days and probably a good moment to watch it play out and not make any new trades š§.
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Your FA guru can't read a chartš
I run a technical group with lots of content every day + regular videos, 1:1, chatroom š.
Better than all the rest? My record speaks for itself š”.
Telegram Group: $50 per monthāØ.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom š.
Better than all the rest? My record speaks for itself š”.
Telegram Group: $50 per monthāØ.
Contact: t.me/dRends35
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.