DXY short - Supply Demand - Break Out - Explained - Why DXY?

Hello Traders!

It seems like we broke out on the DXY. The price was ranging between these two daily Levels and it looks like we broke out. For the final Confirmation wait for the daily close. If the candle will close like this then we broke out and we can expect that the DXY will drop.

Target:
Target is the Demand Zone marked on the charts.

WHY is DXY dropping?
Me personally I am not surprised about this drop. The DXY became weak due to the impact of the Corona Virus. The Dollar is loosing value. Devaluation. If this is the case then we will see the DXY dropping a lot. But I will make next a more detailed analysis about the fundamentals concerning the FED. Let me know in the comment section what you think about the fundamentals on DXY combined with the impact of Covid 19

Why do we need to analyze the DXY?
Actually I like to have a look on the DXY because of the Correlation. So the DXY is nice to use when we are trading XAUUSD , EURUSD , AUDUSD , GBPUSD . Usually when the DXY goes up, the mentioned pairs will go down.

That was my Idea and I hope you liked it. Please leave a LIKE if you like the content. In the comment section you can share your view and ask questions.

Thank you and we will see next time
- Darius.