The dollar index is presently responding to my 14hr supply zone, leading to a visible bearish reaction. Given that this supply is part of a 2-day supply, I anticipate price to move upward to further mitigate this supply, potentially triggering a more stronger bearish response.
With the breakout from consolidation, I anticipate clearer price action. I will be monitoring for price to reach a 10hr demand zone that has previously resulted in a BOS on the higher timeframe. Upon reaching this point of interest (POI), I will then be on the lookout for an accumulation to unfold.
Confluences for Dollar buys are as follows.
- Market trend is overall bullish on the higher timeframe
- Price has broken structure to the upside on the HTF.
- Price is currently reacting off a supply to trigger the pullback towards our demand
- Theres lots of liquidity and imbalances that need to get taken above as well.
- 10hr demand zone lies within the 0.78 fib range and it caused the BOS to happen
P.S. While I don't engage in direct trading of the dollar, I utilise it for confluence, especially since this pair significantly impacts the others I monitor. There's a possibility of a short-lived bullish trend if the 2-day supply zone doesn't hold. However, given the initial reaction, a downward movement seems likely.
HAVE A GREAT TRADING WEEK AHEAD, LET'S CATCH THESE PIPS!
With the breakout from consolidation, I anticipate clearer price action. I will be monitoring for price to reach a 10hr demand zone that has previously resulted in a BOS on the higher timeframe. Upon reaching this point of interest (POI), I will then be on the lookout for an accumulation to unfold.
Confluences for Dollar buys are as follows.
- Market trend is overall bullish on the higher timeframe
- Price has broken structure to the upside on the HTF.
- Price is currently reacting off a supply to trigger the pullback towards our demand
- Theres lots of liquidity and imbalances that need to get taken above as well.
- 10hr demand zone lies within the 0.78 fib range and it caused the BOS to happen
P.S. While I don't engage in direct trading of the dollar, I utilise it for confluence, especially since this pair significantly impacts the others I monitor. There's a possibility of a short-lived bullish trend if the 2-day supply zone doesn't hold. However, given the initial reaction, a downward movement seems likely.
HAVE A GREAT TRADING WEEK AHEAD, LET'S CATCH THESE PIPS!
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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.