SamKent
Short

Dollar Index and OIl telling a similar technical story

INDEX:DXY   U.S. Dollar Index
43 1 3
We've had a lot of turmoil recently in the Dollar as well as in the price of various commodities , the prime one of which has been oil             . We're currently looking at a technical confluence between the Dollar index             chart and the US Oil             chart. The weekly chart for the DXY             ( Dollar Index             ) which weighs the dollar vs a basket of currencies, shows us that the Dollar has rallied strongly and impulsively into a well defined resistance area , and has since found significant selling pressure and was unable to breakthrough, forming longer upper wicks that indicate a struggle and indecision in the market. Looking at the price of oil             in dollars, we can see oil             has been falling precipitously, but has now reached a well defined support area . This strong confluence on the weekly is a strong technical indication that the Dollar's rally may be in some jeopardy, at least in the short term. Given all that, we're looking for some short to medium term opportunities to short the dollar, preferably vs economies that are big oil             exporters. With that in mind, we'd likely look at the USD/CAD             , USD/RUB             and USD/NOK             as a potential short.
I don't see any serious correlation between oil and US Dollar
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out