Technician

USD: Could be long-term buying oppurtunity - Update | #FOREX

INDEX:DXY   U.S. Dollar Index
1416 18 33
In my previous long term analysis for the U.S. dollar index             six months ago (https://www.tradingview.com/v/nFjCrZRH/), I was anticipating this bullish breakout, indeed the breakout materialized, however, at this juncture, i moved to a higher time frame(3-months) to show a major falling trend line(on logarithmic chart) that is being retested now, in addition to that, the price has corrected 50 percent of the overall bearish wave from 121 to 70. We may see the index correct some of recent months sharp gains. I prefer to book profits on any USD long positions for now, as we might see a reasonable pullback within the coming weeks.
But i believe that we should be prepared to long the dollar again from lower levels.

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Technician
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GMOTruths
2 years ago
Thanks!
Reply
Technician TOP GMOTruths
2 years ago
Ur welcome
-1 Reply
2use
2 years ago
On weekly daily it was already over that line, but its retracing a bit now
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You're in good company ;) so to speak... and thanks to those still long on the Dollar. Without them, it wouldn't be any fun.
Finally some USD Shorts to look forward to
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Technician TOP justatrader
2 years ago
One of the most powerful patterns in my view is the hanging man with a follow and break below the low of the candle, lets see if we get that
-1 Reply
Recluse82 Technician
2 years ago
i think long term short dollar and from 80-76 buy to the sky
Reply
justatrader PRO Technician
2 years ago
I already put it into reversal pattern, largely because of the hanging man coming in at a gap that was unfilled for years.
Secondly, this week's candle gapped lower, so i'm inclined to believe that we will see a strong bearish close this week.

The way I see it, either ADP/NFP will erase those losses (or they could disappoint given that 3/4 weekly jobless claims rose more than expected). We could either see a strong bearish candlestick this week or a doji.

Eitherways, with hanging man, there is a possibility of a minor high being made (typical stop hunt) before resuming lower. If we see a strong bearish close, then we can expect a squeeze next week or so before the short term trend resumes lower.
+1 Reply
HexVex
2 years ago
Right on Bro :)
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Please check out my latest piece: http://bullion.directory/the-us-dollar-extending-losses-on-weakening-economy/

As March rolls around, we could see DXY nearing 90.
-2 Reply
HexVex CommoditiesTrader
2 years ago
A 0,38 retrace or so... So what... You're a Tim West and Dan V apostle aren't you. So why shop your cheap wares here?

-1 Reply
AristotelCostel HexVex
2 years ago
Gold will double in color soon.
Reply
2use HexVex
2 years ago
Your comments are not even about the stocks or prices, they are just flame. Im also in for a retrace...because i know the odds and what may happen next. A fib level is not doom and gloom. It feels you are more bone picking with the mods ....for some reason.
+2 Reply
CommoditiesTrader HexVex
2 years ago
Who and what are you talking about?
Reply
2use CommoditiesTrader
2 years ago
Squeeze if you were asking me. "So what... You're a Tim West and Dan V apostle aren't you. So why shop your cheap wares here? " this bears no value
Reply
mbrennan PRO
2 years ago
Great perspective, Technician.
Why do you think the Dollar will strengthen again for another leg up after this pullback?
Thanks
Reply
steel.139
2 years ago
Thanks!
it may be a reason for USDERU breakout main RL and take USDERU to 1.5 level from 1.1
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sigmadict
2 years ago
What ATR as to do with all that ? explain please
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sigmadict sigmadict
2 years ago
In what i understand from this indicator, it could be that the bullish move as no strength (volatility resistance) "ATR is not a directional indicator, such as MACD or RSI. Instead, ATR is a unique volatility indicator that reflects the degree of interest or disinterest in a move. Strong moves, in either direction, are often accompanied by large ranges, or large True Ranges." For what I get is that this move was weak ? Anybody that can contribute to this .. thanks
Reply
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