DXY: Weekly downtrend and trading map

INDEX:DXY   U.S. Dollar Index
In this chart we can observe how DXY             is clearly in a weekly downtrend, with lower timeframes being more volatile but still overall bearish .

I labeled important fibonacci areas and modes of different timeframes in the chart to show where sellers are strong, rejecting price as we move down.
We will probably see a strong move down from this juncture, but if we don't, I'd suggest fading any move up, as long as below 97.05.

Price has tested the previous uptrend mode in the weekly once, before rebounding briefly, but said rebound couldn't go above the downtrend mode above bringing price down sharply.
The last retest of the uptrend mode produced a brief consolidation pattern, which I see as coiling before it springs down again.

Judging by the daily, we can observe there's mode building as we go lower, which is a bearish signal as well.
If the last buy signal on the weekly fails, which would happen if price travels beyond 93.26, then it's safe to assume that we will make it to 90.04 by August ten or earlier.

Good luck!

Related Ideas

I'm short EURUSD, pending fill.

+1 Reply
Short term long from here should work.
I like how price stays under the previous uptrend support, which is now acting as resistance.
I'll update the chart after today's close.
I think this is the start of a very big move in the dollar. Keep close watch of this chart.
If I'm lucky, it'll map the downtrend like I did on USDCAD after it topped a while back.
Time at mode sure is a powerful methodology.
Props to Tim West ;)
Correction, the boxes should read previous UPTREND mode. I somehow spelled downtrend by mistake.
Beautiful Ivan make sure you check out my long term DXY also :)
+1 Reply
Nice Idea, Thanks.
IvanLabrie PRO Realisto_FX
Yes, I'd fade any rallies here.
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