Dollar Falls Slowly But Steadily
The dollar continued to fall last week and reached a 1-month support level at 95.8.
It rebounded at first but gains were wiped out in the very next candle, showing a lack of buyers at the support.
The dollar is currently establishing a bearish trend within an H4 falling channel, both highs and lows are continuing to form lower, and thus a clear-cut bearish market.
This week, we shall continue to look for a selling opportunity.
1) If the dollar rebounded off from the current support, wait for the price to reach resistance zone 96.2 - 97.35, as well as the top of the H4 falling channel, and look to sell.
2) If the dollar breaks below the current support, simply wait for a pullback towards the breakout level to sell again.
Look out for the near 2-year support level which coincides with a W1 rising trendline.
It rebounded at first but gains were wiped out in the very next candle, showing a lack of buyers at the support.
The dollar is currently establishing a bearish trend within an H4 falling channel, both highs and lows are continuing to form lower, and thus a clear-cut bearish market.
This week, we shall continue to look for a selling opportunity.
1) If the dollar rebounded off from the current support, wait for the price to reach resistance zone 96.2 - 97.35, as well as the top of the H4 falling channel, and look to sell.
2) If the dollar breaks below the current support, simply wait for a pullback towards the breakout level to sell again.
Look out for the near 2-year support level which coincides with a W1 rising trendline.
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