DXY observations (short term bearish trend)
DOLLAR OBSERVATIONS
As price continues its downward trajectory, it has shifted its trend to the downside, leaving behind clear supply zones. One of these zones was previously identified and respected as per last week's forecast. I anticipate this short-term bearish trend to persist until it reaches the 104.200 mark. At that point, I expect a bullish reversal to occur, especially considering the presence of an imbalance just above this level.
Additionally, with price currently in a downtrend, my bullish biases on GU and EU align accordingly. This correlation is logical until either of them reaches the supply zone on the daily chart, which should coincide with the same daily demand zone marked out on DXY.
As price continues its downward trajectory, it has shifted its trend to the downside, leaving behind clear supply zones. One of these zones was previously identified and respected as per last week's forecast. I anticipate this short-term bearish trend to persist until it reaches the 104.200 mark. At that point, I expect a bullish reversal to occur, especially considering the presence of an imbalance just above this level.
Additionally, with price currently in a downtrend, my bullish biases on GU and EU align accordingly. This correlation is logical until either of them reaches the supply zone on the daily chart, which should coincide with the same daily demand zone marked out on DXY.