The US dollar has been rising since February 29th. As we can see, it rises up to around 24 then retraces back to 0.618 level which is around 22 now. If it is really a retracement, the price would rise up again. My analysis is based on this assumption.
Under this assumption, when would the price started to rise?
We should pay more attention to patterns.
Recently, the price forms a down wedge pattern, which is a signal for rising, however, the candles could break out the bottom trend line because we already observe some big red candles. The MACD reveals the downward signal, however, I do not worry about that because we are still in the down wedge pattern. The ADX remains low because of no strong trend now. That’s good news, the downward trend is not strong, which just supports my point, a reverse may on the way.
This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.