Our traders are enjoying their profits from Ethereum as the trade is up +150 pips of profit. Meanwhile, the US Dollar Index (DXY) is showcasing mixed price action at the key level of 92.500.
Approximately two weeks ago, price action traders entered long for Ethereum. This trade was taken shortly after the price closed bullish above $2,900 on the daily time frame. After nearly ten days of consolidation, the price has finally begun to push higher. This is a swing trade with a long-term target of $5,000.
The Dollar reached 92.500 as expected by technical analysis. However, the current reaction at this level has made the current bias not so clear. The daily candle was most likely close as a bearish hammer indicating a retracement higher. But, the latest 4hr candle shows a shooting, suggesting a possible move lower. More information is needed to predict what may happen.
Tomorrow is the ADP job report and current forecasts are bullish with the US economy expected to add almost twice as many jobs as last month. This may be the catalyst that brings the Dollar back above 93.000 and onto its bullish ways.
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- Read our previous blog article: Dollar to Visit 92.500, AUDUSD Looks to Complete a Range Fill