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Although the USD has enjoyed some gains for the last week or two, I am not really buying the overall correction. At least not yet. To be fair, the USD got hammered after topping mid-July at 84.00, especially in the first two weeks of September where it ended with some exhaustive selling. And though the bounce has shown some decent buying interest with two inverted pin bars, the overall price action structure appears corrective so I’m looking to sell.
I’ll consider selling just north of here at 80.00 which is the big figure and dynamic resistance on the daily chart. I’ll also consider selling just above at 80.17 which is a key role reversal level with tight stops above. …... Keep reading