DXY short-term Elliott wave view suggests that the index is doing a Flat correction coming from 8/28/2018 low within cycle red wave II. Meaning that the internal distribution of cycle from that low is showing the sub-division of 3-3-5 wave structure. Where black wave ((A)) ended in 3 swings at 95.73 on 9/04 peak. Down from there the decline to 93.81 low ended...
DXY is in consolidation with C wave still left to be formed. It can either breakout from here for a retest of the top or make another small leg down then retest the top. Long the breakout after confirmation with correction.
As chart, dollar have a chart pattern head & shoulder, now pullback on neckline...
The Dollar Index chart with all the relevant elements towards today's rate decision
I've been bearish Dollar for a while now. I've recognize the Dollar's weakness and was glad to get a confirmation when the Dollar broke below the rising channel. Today, we get another bearish confirmation signal as the Dollar breaks below the neckline of a Head and Shoulders pattern
*** THIS IS NOT AN ADVICE, DO YOUR RESEARCH AND TRADE WITH YOUR OWN RESPONSIBILITY*** The US dollar index has been going up but seems to be losing stream and has formed topping patterns as well. I see a lot of people not looking at it, but often good traders will always keep an eye on all sorts of correlations.
I believe that the Dollar Index is still bullish on the monthly perspective at the present moment @15/09/2018(UK DATE) but it is losing steam and will look to reverse around the 98 -100 region. This will give traders an opportunity to go long for the time being i'm expecting in the upcoming months. As we reach the levels of resistance i will expect a reversal and...
The Dollar Index is back near support after a failed rally that we saw in August. The support zone includes the bottom of a rising channel, MA line and a structure zone (previously resistance, now potential support) On Thursday we will have the ECB meeting and the U.S CPI data - Two events that can (and probably will) impact the Dollar. The bearish scenario...
After falling to X (94.90), rising to XI (95.68), then reversing to the reversal point at 120% (94.60), confirming the bearish trend. At present, the H4 wave group (1) (2) (3) has the rule of recovery at wave (2), according to symmetry wave theory waiting for adjustment of waiting zone (80-100%: 95.08-95.32). Hit down the Weekly timeframe The 3 Elliot rule targets...
Price was smash down in previous daily candle... indicate a bear attack move mode on.. watch out any bull fight back on coming days.. as in long term bull is still in charge upward. Let's see...
Dollar index will make an a small bullish adjustment to the 96.20-96.00 area, to continue later bearish looking for the 90.80-90.00 area.
Last week's breakout ended with e daily Pinbar. It looks like DXY is heading to test 95-96 as potential support now
+Fundamentally US macro data is supportive for $, just as Fed communication. +Trump comments could not harm the greenback. +100% Fib level retested after breakout +50D EMA holds as support -USD rally seems to get stretched a bit -Uncertainty around Trump persists -> uncertainty for USD