DXY is in a bearish trend for the past six months as you can clearly see in the weekly chart after forming a high near 104 in January. Overall if we look at the past two years we can notice that the dollar index is forming higher highs and higher lows and in the long term trend seems to be bullish but it's too early to say that. We have a weekly cloud resistance at 98-100 level. Breaking above that will resume its bullish trend to form new higher high towards 105-106 area. In the current situation the dollar has a negative pressure for many months but it seems to be ending soon as we are very near to our medium or longer-term bottom area. I believe the dollar index will form the bottom soon and resume its upward longer-term trend. Bears should protect their short positions as we can see a strong bounce upwards anytime. Selling dollar at this stage looks really risky. Will update my buying advice when I'll see a bounce coming.
i think dxy not formed yet the bottom
dxy may goes more down
AnasRathore
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@ridafad52, Yeah it can go more down, that's why I said it is Very close to the bottom. And I do not see dollar going below than 94 level.
UnknownUnicorn638634
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@AnasRathore, Well you have obviously been proven wrong - keep catching the falling knife :-)
AnasRathore
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@jorv2074, I have proven right on other stuff that you didn't see on my profile I guess. Just DXY and EURUSD are going against my calculations but I expect them to get back on track too. Well I don't need to prove myself in front of you as you said I like to catch falling knife :)
UnknownUnicorn638634
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@AnasRathore, Please don't take my comments in a negative way, I am not trying to disparage you at all - heck, I don't even know you. I was providing an opposing view to most traders on TV who keep calling the bottom in DXY and keep missing the reason why it is going down. And lot of them are so arrogant that they don't even want to open their minds to the opposing view. Wish you good luck if you still want to be long on dxy.
AnasRathore
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@jorv2074, I trade technically mate. I expect a bounce in dollar towards 97 because of some reasons and then my target would be 87-88. I know it will fall further towards 88 but first we need a bounce to have a valid sell entry. Nothing can keep falling like a stiff unless any Natural disaster or sudden recession hit the country. We can't just trade on Political jitters. Rest is up to you :)
dxy may goes more down