📈 Technical Analysis of DXY: Key Support Break and Bearish Momentum
In this technical analysis, we explore the recent price movements of the DXY (US Dollar Index) on an 8-hour chart, with a focus on the short direction. Discover the key support break, formation of lower highs, and projected path for the DXY.
🔑 Title: Unveiling the Bearish Momentum: DXY Technical Analysis and Projected Path
1. Key Highlights:
Key Support Level Test: DXY tested the critical support level at 105.262 on October 12th, which historically influences price movements.
2. Formation of Lower Highs: After the support test, DXY formed a series of lower highs, suggesting a potential bearish bias as each subsequent high is lower than the previous one.
3. Break of Swing Low: On October 18th, DXY breached the swing low at 105.65, indicating a possible continuation of the bearish momentum and raising the likelihood of breaking the key support level at 105.262 in the upcoming week.
4. Projected Path: Analysis indicates a potential further drop in DXY, with a projected decline towards the support line at 105.08 in the next two days. A subsequent rebound towards the key level of 105.66 may occur, forming a lower high and confirming the continuation of the downtrend towards the next key level at 104.30.
5. USD Currency Pairs Analysis: Among USD currency pairs, EURUSD exhibits the strongest upward momentum, followed by GBPUSD, presenting potential risk-to-reward opportunities for swing trades in long positions.
6. Gogo Trend Scalper Indicator🔍: Gogo Trend Scalper, our trend indicator, shows the moving average (MA) in red, currently turning downwards, further supporting the bearish outlook for DXY and suggesting a potential decline in the index.
💡 Stay tuned and closely monitor the technical analysis of DXY. The break of key support, formation of lower highs, and confirmation of downward momentum indicated by our trend indicator suggest a potential bearish bias. Adapt your strategies accordingly and make informed trading decisions based on the analysis provided.
🔔Remember, market conditions are subject to change, so stay updated and be prepared to adjust your approach as needed.
🔔Don't forget to like and share to friends this post to stay informed about future technical analysis and Forex trading insights. Let's navigate the Forex market together and make informed trading decisions.
In this technical analysis, we explore the recent price movements of the DXY (US Dollar Index) on an 8-hour chart, with a focus on the short direction. Discover the key support break, formation of lower highs, and projected path for the DXY.
🔑 Title: Unveiling the Bearish Momentum: DXY Technical Analysis and Projected Path
1. Key Highlights:
Key Support Level Test: DXY tested the critical support level at 105.262 on October 12th, which historically influences price movements.
2. Formation of Lower Highs: After the support test, DXY formed a series of lower highs, suggesting a potential bearish bias as each subsequent high is lower than the previous one.
3. Break of Swing Low: On October 18th, DXY breached the swing low at 105.65, indicating a possible continuation of the bearish momentum and raising the likelihood of breaking the key support level at 105.262 in the upcoming week.
4. Projected Path: Analysis indicates a potential further drop in DXY, with a projected decline towards the support line at 105.08 in the next two days. A subsequent rebound towards the key level of 105.66 may occur, forming a lower high and confirming the continuation of the downtrend towards the next key level at 104.30.
5. USD Currency Pairs Analysis: Among USD currency pairs, EURUSD exhibits the strongest upward momentum, followed by GBPUSD, presenting potential risk-to-reward opportunities for swing trades in long positions.
6. Gogo Trend Scalper Indicator🔍: Gogo Trend Scalper, our trend indicator, shows the moving average (MA) in red, currently turning downwards, further supporting the bearish outlook for DXY and suggesting a potential decline in the index.
💡 Stay tuned and closely monitor the technical analysis of DXY. The break of key support, formation of lower highs, and confirmation of downward momentum indicated by our trend indicator suggest a potential bearish bias. Adapt your strategies accordingly and make informed trading decisions based on the analysis provided.
🔔Remember, market conditions are subject to change, so stay updated and be prepared to adjust your approach as needed.
🔔Don't forget to like and share to friends this post to stay informed about future technical analysis and Forex trading insights. Let's navigate the Forex market together and make informed trading decisions.
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~2 analyses per day. With ICT setup for intraday trading
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t.me/strengthboosters
~2 analyses per day. With ICT setup for intraday trading
more than 100 pip per week —— Accuracy +80%