FullTimeTrader
Short

DXY-panorama getting clear after NFP

INDEX:DXY   U.S. Dollar Index
270 3 9
Hello, it seems finally we can see things clearer about the next move for the USD and all correlated pairs ( USDCAD             , USDJPY             , USDCHF             , etc)
This setup is also valid for the inverse correlated pair EURUSD             .
After bad NFP data i expect the USD to weaken next week.

We see the price is forming a big triangle pattern after a huge long term rally.
Last ABC pattern seems to be completed. Some other reasons:

- AB=CD pattern
- 1.61 fib projection
- bearish divergence on MACD
- trendline resistance.

The ideal target would be near the 200 ema and the lower trendline (near 95.000 price). I will be looking to buy at that area.

First target: last lows
Second target: near 200 ema and trendline support (near 95.000)

Best regards.


moneymaking
a year ago
Yes, finally someone posted an idea about DXY. I didn't know who to discuss my ideas with, since not many traders give any importance to DXY. I definitely agree with you on a probable weakness in the US dollar for the next few weeks. Probably up to the possible Fed interest rate news. Until then, I do expect to see more consolidation on the dollar as traders remain cautious of POSSIBLE interest rate hike in September. Thank you for sharing your perspective on the dollar index, truly appreciate it. It would be great if you could start posting more ideas on the US dollar, maybe like one idea at the end of every week. That will definitely help me and our fellow traders in having some idea on the POSSIBLE direction of the dollar for upcoming weeks. Let me know if that is something that you might be interested in. I would also like to join with you on this, if you don't mind. I am totally willing to share my ideas with you and everyone else :)
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FullTimeTrader moneymaking
a year ago
Hello, thanks for your comment. Absolutely agree, the USDindex is very important information to consider prior to analyse other USD related pairs. I always did it before and will continue posting ideas on DXY from today. I have just no time to do it because im coming back from a 3 months vacation and was very busy analyzing and trading the other pairs. This is my first post after vacations and will continue posting...
+1 Reply
moneymaking FullTimeTrader
a year ago
Hey mate good to hear. Hope you had a great VACATION :)

Thank You, looking forward towards your well detailed ideas :)
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