Hi traders!
Today's analysis is cover yet again the DXY. It is such a important chart to follow since we trade everything USD related. We trade almost all USD forex pairs and trade commodities likes gold, silver & WTI priced in US Dollar!
Now, the DXY is having a very technical drop. It broke through one long lasting support which was also an order block. Since the price broke under, we are seeing lower highs, meaning that each rally seen in the past weeks have been lower each time. This just confirms yet again the bearish bias going forward of the US Dollar.
We can also see a new bearish channel forming. I drew it in the chart to confirm. Also from a technical stand point, we can a divergence staring to draw itself if you look closely on the MACD. The RSI also suggest weakness in all the bullish bounces we saw.
All majors pairs gained during that time span and we can confirm it by looking over at EU, GU, UJ, AU & NU. Even silver and gold gained some!!
From this analysis, I see the USD going down to test a new support down around 86.52
From there we should expect a bigger bounce that we saw when we went under last support.
Trade safe!
Disclaimer: This is my trading analysis, it is not an invite or recommendation to trade.
Today's analysis is cover yet again the DXY. It is such a important chart to follow since we trade everything USD related. We trade almost all USD forex pairs and trade commodities likes gold, silver & WTI priced in US Dollar!
Now, the DXY is having a very technical drop. It broke through one long lasting support which was also an order block. Since the price broke under, we are seeing lower highs, meaning that each rally seen in the past weeks have been lower each time. This just confirms yet again the bearish bias going forward of the US Dollar.
We can also see a new bearish channel forming. I drew it in the chart to confirm. Also from a technical stand point, we can a divergence staring to draw itself if you look closely on the MACD. The RSI also suggest weakness in all the bullish bounces we saw.
All majors pairs gained during that time span and we can confirm it by looking over at EU, GU, UJ, AU & NU. Even silver and gold gained some!!
From this analysis, I see the USD going down to test a new support down around 86.52
From there we should expect a bigger bounce that we saw when we went under last support.
Trade safe!
Disclaimer: This is my trading analysis, it is not an invite or recommendation to trade.