DXY (Dollar) Shorts from 101.600 back down
My outlook for the dollar is focused on scouting a bearish continuation. A 7-hour supply zone has emerged, and I'm looking for the price to enter this zone to trigger a bearish reaction, potentially creating a new leg to the downside.
If the supply zone is broken, I would then anticipate the price rallying higher into a more premium supply area. However, if the price heads down first, I expect the 9-hour demand zone to be violated, allowing for a better buying opportunity from the lower demand zone.
P.S.: Be cautious and trade with care, as PPI and CPI data are due this week. Keep an eye on Forex Factory for updates.
If the supply zone is broken, I would then anticipate the price rallying higher into a more premium supply area. However, if the price heads down first, I expect the 9-hour demand zone to be violated, allowing for a better buying opportunity from the lower demand zone.
P.S.: Be cautious and trade with care, as PPI and CPI data are due this week. Keep an eye on Forex Factory for updates.
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