Get started
Seafair-Capital-Management

DXY Market Analysis: Bears Eye New Home Sales

Short
U.S. Dollar Index (TVC:DXY)  
Seafair-Capital-Management  
TVC:DXY   U.S. Dollar Index
Harmonic Patterns Technical Indicators Fundamental Analysis DXY USDCAD EURUSD GBPUSD USDJPY USDCHF AUDUSD NZDUSD
4
3
harmonicpatterns indicator fundamental dxy usdcad eurusd gbpusd usdjpy usdchf audusd nzdusd

Today the DXY has been moving to highs not seen since the week of July 11th and the DXY is coming up into resistance which is about 10 pips away. The 4 hour RSI is highly overbought with a value of 79 and has been diverging from a value of 81. This is a sign that the strength of the bullish move may be dissipating. Overall a value higher than 80 suggests an extremely highly overbought asset. It is likely that the DXY should go short soon. The daily chart also is almost overbought and this could be the start of a daily short trend. All FX pairs are following the DXY strength and the US dollar is having the upper hand with all pairs in the main basket of currencies. The 4 hour MACD is close to a bearish signal on the DXY chart this is a strong sign for the bears but the 12 period ema has not fallen below the 26 period yet. Up until about 30 minutes ago the DXY was having a red day, but recently turned green after a red 4 hour candle. The DXY has strong weekly resistance at the 109.294 area. Tomorrow New Home Sales data (Forecast: 575k Previous: 590k) will be released for the US and will be a key event for economic news, a bearish report can aid in the bearish retracement for the DXY.$USD Currency Index

Ilyas Khan Top1 Markets
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.