I made some significant loss this week so I decided to check my DXY analysis seriously before the big US events...
In general, if the market moves healthily, it should really move towards what I initially thought - maybe I was just waiting too impatiently this week!
On weekly chart like previously spotted, the beautifully formed W chart on the weekly should sustain some stable uptrend movement for the DXY overall in the coming weeks (since mid June), and currently it simply is at the point where it hit the previous high and made a higher high (93.724) , so facing the resistance it decided to have a correction moment.
On daily it dropped sharply this week and broke previous key level on my chart 92.92 - and then started dancing around this figure and has not yet managed to float above 93 again.
Downward movement - there's a mini rising wedge alike formation and the current price is close to the lower edge, with a bit more room to move down further around 92.7 which around another previous support zone as well as 20MA daily. So this area should provide some nice spring affect letting DXY to move upward agressively - providing tomorrow/Friday's news are positive to the dollar.
Further downside could also be a potential if DXY is getting really seriously bearish, that is to the point of 92.177 which I don't think it will happen. I do however believe that once it reaches to the higher high again, it will make another high around 93.866 (and higher) then drop for another fall, and that fall could be significant one. (therefore finger cross NOT to happen right now this week!!)
My current other pairs analysises are based on the possibility that DXY will start bouncing back up from today regardless of the news impact as in many cases people react int the market using news events simply as catalyst.
NOTE: I do not trade DXY.
Haven't close any of losing trades yet (except those being stopped out...)
In general, if the market moves healthily, it should really move towards what I initially thought - maybe I was just waiting too impatiently this week!
On weekly chart like previously spotted, the beautifully formed W chart on the weekly should sustain some stable uptrend movement for the DXY overall in the coming weeks (since mid June), and currently it simply is at the point where it hit the previous high and made a higher high (93.724) , so facing the resistance it decided to have a correction moment.
On daily it dropped sharply this week and broke previous key level on my chart 92.92 - and then started dancing around this figure and has not yet managed to float above 93 again.
Downward movement - there's a mini rising wedge alike formation and the current price is close to the lower edge, with a bit more room to move down further around 92.7 which around another previous support zone as well as 20MA daily. So this area should provide some nice spring affect letting DXY to move upward agressively - providing tomorrow/Friday's news are positive to the dollar.
Further downside could also be a potential if DXY is getting really seriously bearish, that is to the point of 92.177 which I don't think it will happen. I do however believe that once it reaches to the higher high again, it will make another high around 93.866 (and higher) then drop for another fall, and that fall could be significant one. (therefore finger cross NOT to happen right now this week!!)
My current other pairs analysises are based on the possibility that DXY will start bouncing back up from today regardless of the news impact as in many cases people react int the market using news events simply as catalyst.
NOTE: I do not trade DXY.
Haven't close any of losing trades yet (except those being stopped out...)
