IvanLabrie
Long

DXY: Dollar correction timer expires today

INDEX:DXY   U.S. Dollar Index
442 15 19
If the target described by the light red ray isn't reached until the close, then we can expect the uptrend to resume tomorrow.
Rgmov is showing signs of support at a previous sideways area, which is a good sign in itself, paired with the fact that there is no new 2 month low until now.
Entry long would be above the lowest high with a 1 atr stop under the low.
Good luck!
Trade closed: target reached
As expected, target not reached, bullish bias as the lowest high was breached.
+1 Reply
Close to the first resistance level, we can expect a smooth ride in all *usd pairs until this level is reached...once we're there we will probably see retracements.
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Looks like the correction wasn't complete. Expecting to retest 94.43 at the very least.
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IvanLabrie PRO IvanLabrie
To make matters worse, gold will most likely retest the 200 dma:

snapshot
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The index might head down for a couple of weeks, but the background is of weakness.
This is an interesting ratio chart, illustrating important points for currency traders:
snapshot

Gold is set to outperform crude for the time being...this lines up with usdcad and eurusd's situation, which is that of a potential correction up, before a larger scale reversal can unfold higher up.
It's tricky to asess this in the Yen, but for the time being I remain short, watching the 118.32 level.
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Intense gap down under support, expect further down.
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DXY is a sell now, was perfect right at the open today.
Target 1: retest of 93.39, target 2: 94.44 to 93.55 by April 17th or earlier.
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IvanLabrie PRO IvanLabrie
*typo: 96.39 (target 1)
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Decision point, it's possible to see a correction now, and then a strong move above the resistance above.
So far, I mapped every move and level correctly, it's good to see your work paying off, and having these charts serve as a guide for your trading thanks to TV's capabilities.
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If price doesn't move with force over 99.46-99.79, we can expect to resume the decline with a stronger and faster fall than the past two.
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snapshot


Potential reversal incoming...this should boost gold, crude and *usd pairs.
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IvanLabrie PRO IvanLabrie
Previous downtrend target reached.
Possible reversal level.
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