- We have seen the MAs crossover on the monthly, weekly and daily timeframes, indicating future bearish momentum.
- I foresee price coming down to the 11650 monthly support area which lines up with the monthly upward trend line that could result in a 3rd retest of the trend line which could take us to new highs of 13254 which is weekly resistance and lines up with the 127.2% fib extension level.
- However if further dollar weakness arises along the coming weeks, this could mean we could break the monthly trend line to the downside, with our next immediate target being 11325 and 11000 as the next target should bearish momentum continue.
- However my short term bias for the dollar is bearish & long term bullish.