mleader1

Two scenarios, going up possible

Long
TVC:DXY   U.S. Dollar Currency Index
Here comes my day trade analysis on DXY again. Tomorrow's is going to be a scary day as we all can feel the accumulation in buying/selling power.

USD has a mixed economy data today, not bad but DXY continued going downward. If connecting to fundamental analysis , I think investors might think the overall economy recovery of other countries comparing with US is much better.

Here's what I think, and I'm bias on dollar bullish based on the chart as shown here:

1. over sold RSI on lower time frames (1H, 2H, 4H)
2. facing lower edge of mini-downtrend within an overall up trend channel
3. also sitting just slightly above edge of the overall up trend channel
4. current price has just entered into a zone which historically showed strong demand

:)

I don't trade DXY but again I've also put a tight SL trade panel in the chart for analysis and journal purpose.

Friday, US Summer Holiday, and Beginning of September, let's not forget all these factors too.

GL