Forex Market Watch For The Week Ahead 03-MAY-20

May 3, 2020

DXY1-Hour Chart:

Moving to the 1-Hour chart, we can see what the price is doing a bit more clearly. It is moving towards the low of the correction seen on the daily chart in a descending channel type formation, which is usually a reversal pattern. This is why we think price could move back to the correction high before moving lower.

Alternatively, as seen on the second lower time frame picture, price can reach the bottom of the daily correction and form a larger 1-Hour correction before continuing to move to the downside.

The complete weekly analysis:

https://thepipbull.com/forex-market-watch-for-the-week-ahead-03-may-20/