Hello Traders,
Here is the Top-Down Analysis of DXY (Monthly, Weekly, Daily for direction) for
Week 45 - 02 Nov
M > Price dropped till monthly support, faced rejection and started bullish move. After a huge bearish dump we expect price to retrace for correction till at least 0.382 Fib level on month bearish impulse. Price is yet to reach this level. We can also an M formation, its neck coincides with 0.5 Fib level on monthly bearish impulse.
W > After rejection from monthly support price moved up till 0.5 Fib level on weekly bearish impulse and dropped again and faced rejection at weekly support. If we switch to line chart we can see a W formation.
D > With its current rise price has broken daily support as well was downward resistance trend-line.
As per COT DXY saw addition of both Long and Short positions, bettering net positions (though still in -ve). DXY was weak during the said week however it gained strength last week. In past few weeks DXY has improved its net positions, from -9K to -1.2K now. We can expect further strengthening of DXY.
4H > We get lot of clarity in 4H timeframe. We can see price dropping to test neck of W formation that we saw in W chart. We can also see price stopping for a pull back after breaking the downward resistance trend-line. During the pull back price has tested the trend-line as support before continuing with upward move. Market closed with price retracing to test resistance as support.
We can now expect price to continue with its bullish move to test 0.5 Fib level again on W chart. If price manages to break this target to the upside then we will have monthly 0.382 Fib level as next target.
Hence can expect all USD pairs, Gold and Silver to weaken.
Thank You
AP17FX
Here is the Top-Down Analysis of DXY (Monthly, Weekly, Daily for direction) for
Week 45 - 02 Nov
M > Price dropped till monthly support, faced rejection and started bullish move. After a huge bearish dump we expect price to retrace for correction till at least 0.382 Fib level on month bearish impulse. Price is yet to reach this level. We can also an M formation, its neck coincides with 0.5 Fib level on monthly bearish impulse.
W > After rejection from monthly support price moved up till 0.5 Fib level on weekly bearish impulse and dropped again and faced rejection at weekly support. If we switch to line chart we can see a W formation.
D > With its current rise price has broken daily support as well was downward resistance trend-line.
As per COT DXY saw addition of both Long and Short positions, bettering net positions (though still in -ve). DXY was weak during the said week however it gained strength last week. In past few weeks DXY has improved its net positions, from -9K to -1.2K now. We can expect further strengthening of DXY.
4H > We get lot of clarity in 4H timeframe. We can see price dropping to test neck of W formation that we saw in W chart. We can also see price stopping for a pull back after breaking the downward resistance trend-line. During the pull back price has tested the trend-line as support before continuing with upward move. Market closed with price retracing to test resistance as support.
We can now expect price to continue with its bullish move to test 0.5 Fib level again on W chart. If price manages to break this target to the upside then we will have monthly 0.382 Fib level as next target.
Hence can expect all USD pairs, Gold and Silver to weaken.
Thank You
AP17FX