Dollar Tech Analysis

TVC:DXY   U.S. Dollar Currency Index
160 11 4
I was asked if I could post my technical view on the dollar earlier today so here it is. Currently in the medium term it seems we have a bear flag forming on the dollar which will be confirmed on a break below the flag portion of the pattern. I see only two real areas of support marked on the chart with the 1st area being the more aggressive buying point. Some might say there is support at the 96.00 marked by the red horizontal line, but in my opinion that's a little to speculative to regard as support.

Price has gotten rejected three times around the 100.00 area so its very much confirmed that the 100.00 area serves as a significant resistance area .

Also along with this chart, I will provide in the body of this post a weekly chart showing the next resistance area if we do break above the current yearly resistance.

As of right now, I see no trade for myself in regards to the DXY             .

Happy Trading! =)

Worked quiet well :)
+1 Reply
Daniel.B moneymaking
Yea it has haha. If you can view dollar futures check out the volume on a weekly chart... Since we entered into the 93.0-100.0 range, volume has been steadily declining with each retracement to support (Which could be seller's gradually reducing positions, giving buyers the upper hand). That can lead to an even smaller range between 93.0-96.0 which would most likely lead to weekly candles trading between the 50 Moving Average for a couple weeks before we get the next leg higher above 100.0

Unfortunately, Trading View doesn't have volume for the DXY so I can post on it.
+1 Reply
moneymaking Daniel.B
Ohhh really, didn't knew that mate. Thank you for pointing that out. Use the fxcm usdollar index, i think that one shows volume
+1 Reply
Daniel.B moneymaking
Yea I checked out the fxcm dollar index but the price is different so I didn't use it lol.
+1 Reply
moneymaking Daniel.B
Yeah, that's true. Ohh well not a problem. Still a good amount of info from you. Thank you for sharing as always mate :)
+1 Reply
Damn mate, that flag pattern on the dollar still intact, looks like the buyers are quiet strong, making those nice bullish pin bars :)
+1 Reply
Great analysis mate. Thank you for the post :)
Daniel.B moneymaking
Thanks man, no problem! Glad you liked the post. =)
+1 Reply
moneymaking Daniel.B
It just fell very sharply today, so far your prediction is on the dot :)
Daniel.B moneymaking
Yea haha it's all just probabilities and the probability of success. =) Apologies for not being around to post as much as before.
+1 Reply
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