Dollar Might Have Peaked, Testing of Key Support 96.7
It has come to my attention where I realised that the break above of symmetrical triangle could have been a trap.
It is indeed an attractive scenario for the buyers to chase the trend and/or add more positions as the dollar retrace lower.
However, bear in mind that the dollar has just recently completed 3 waves of appreciation.
This would have been a perfect chance for institutional traders to trap many buyers at the top of the full range between 97.7 to 95.
Depending on how the week closes, I may change my view of the dollar into this manner.
Any traders who might still be holding strongly to the thoughts of buying the dollar should act cautiously.
It is indeed an attractive scenario for the buyers to chase the trend and/or add more positions as the dollar retrace lower.
However, bear in mind that the dollar has just recently completed 3 waves of appreciation.
This would have been a perfect chance for institutional traders to trap many buyers at the top of the full range between 97.7 to 95.
Depending on how the week closes, I may change my view of the dollar into this manner.
Any traders who might still be holding strongly to the thoughts of buying the dollar should act cautiously.
