ACROFX

Possible short-termp top on USD (DXY)?

INDEX:DXY   U.S. Dollar Index
In 4H timeframe chart, we got a doji with a follow-up candle on the downside. If this results in lower highs and lower lows, we might see a short-term top as this pair meets rather big resistrance around 85 area.

But so far nothing is confirmed and this is only a possible trade idea. We are going to await for a confirmation before entering a trade.
I don't understand why everybody has the desire to short the dollar. Look from the left to the right part of your screen. You have a fantastic uptrend. Don't short it, there is no money there, and if there will be, it will be 'hard to get' money. Good luck.
+1 Reply
ACROFX vlad.adrian
Good morning Vlad. You have a strong valid point regarding the view on the US Dollar. As we stated, nothing is confirmed regarding a possible turn and a beginning of a new downtrend. The trend is your friend for last 11/12 weeks with US Dollar. But we believe again that its the time for the dollar to walk the walk, as very high expectations to higher rate and strong rebound in US are built in to todays rate for DXY.
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