Darius17
Long

DXY long - Supply Demand - How well it worked-Why analyzing DXY?

TVC:DXY   U.S. Dollar Currency Index
Hello Traders!

How well it works
Nice moves on the DXY . I made an analysis a while ago on DXY where I marked an important h4 Supply Zone . Price respected this zone pretty well. I will put a screenshot down below. We are now back at this zone. Now I am expecting the price to break it. Why? Simply because we go too much touches there. The probability that the price will go down is not high. Therefore I am going to look for long positions. For that I am waiting for a nice Price Action Confirmation. My target is the resistance level .

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 , NZDUSD . 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.
Comment:
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Comments

The price has bounced back from the level. So you should go short...
Reply
Darius17 luuk-skywalker
@luuk-skywalker, This is why I mentioned both scenarios, but wait because is back up and is again testing the level.
Reply
Keep learning TA bud. youll get there!
Reply
Darius17 jram68
@jram68, great thanks bro
Reply
Great analysis bro!
Reply
Darius17 Stethostrade
@Stethostrade, thank you bro
Reply
@Darius17, it seems fails to break just now.
Reply
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