DXY (DOLLAR INDEX) POTENTIAL LONG OPPORTUNITY (LEAVES CLUES)
OK so I hope everyone is doing amazing today!!! I just wanted to get on here and make a post before Mother's Day so everyone can have this reference coming into the week ahead! And today I am breaking down the DXY which is the financial index for the USD. This will definitely help give a clue where technically the USD could be headed in the near future so hope this provides some value and let's dive in!
OK so when looking at the dollar index on the higher timeframes it has somewhat been channeling the past few months after coming off a sharp drop following prices coming into a multi-year level of supply...which makes sense! Prices were expensive on the dollar lol. But now we have seen a somewhat channel on the higher TF and I am expecting a "small" push to the upside to come into now weekly supply and then potentially see further decline/discount in the dollar.
On the daily timeframe you can see that price has been bullish since the end of last year being driven by a strong demand driven market. Also the market has made 2 impulse pushes so for me and based on the 3 push psychological rule (Elliot wave) whatever you want to call it it doesn't matter lol I am expecting a 3rd push to support this demand driven market...to take the liquidity of the 2023 highs...and to come into that non-mitigated supply on the weekly timeframe. NOT ONLY THAT but we do have some fib confluence as well as the daily 200 EMA sitting right in demand...so that supports this bias as well!
So hope this all makes sense and that you guys can find some value in this! Please boost post and follow my page for more accurate analysis and trade ideas! Cheers, God bless, & Happy Mother's Day!
OK so when looking at the dollar index on the higher timeframes it has somewhat been channeling the past few months after coming off a sharp drop following prices coming into a multi-year level of supply...which makes sense! Prices were expensive on the dollar lol. But now we have seen a somewhat channel on the higher TF and I am expecting a "small" push to the upside to come into now weekly supply and then potentially see further decline/discount in the dollar.
On the daily timeframe you can see that price has been bullish since the end of last year being driven by a strong demand driven market. Also the market has made 2 impulse pushes so for me and based on the 3 push psychological rule (Elliot wave) whatever you want to call it it doesn't matter lol I am expecting a 3rd push to support this demand driven market...to take the liquidity of the 2023 highs...and to come into that non-mitigated supply on the weekly timeframe. NOT ONLY THAT but we do have some fib confluence as well as the daily 200 EMA sitting right in demand...so that supports this bias as well!
So hope this all makes sense and that you guys can find some value in this! Please boost post and follow my page for more accurate analysis and trade ideas! Cheers, God bless, & Happy Mother's Day!