I have an overall bearish outlook on the DXY.
Based on technical analysis, I see the Double top reversal pattern, MACD divergence and the overall formation of the downtrend.
There's a lot of news this week, regarding to the US Dollar.
We have a bullish trend, the dollar has 96.3 support and resistance at 98.12, in the long term we think the dollar will rise to the 102 area
We recommend buying signals with a short and close target at 98.12
As the dollar goes down, we realize that its last rise was a fake increase (although the dollar broke the resistance, it did not continue to rise much as expected). At the moment, the dollar has returned to its former support and resistance, our recommendation is Sell
Take profit: 95.80
Hello Traders, welcome to the Weekly Forex technical analysis. Today is June 2nd, 2019 and we will be taking a look at the U.S. Dollar Currency Index on the weekly chart just to get into the calendar, and have an outlook into the upcoming week. Looking at the Dollar Index here on a weekly time frame, overall the structure still remains pretty bullish as long as...
Like every week, we try to analyze the dollar first so that we have an understanding of everything else.
On April 22 the dollar made its breakout after six failed attempts but stopped very quickly (usually in the event of a breakout we expect long rallies to continue), its fall stopped just in support and this morning the dollar is rising slightly.
The most likely...
Hello Traders, welcome to the Weekly Forex technical analysis. Today is May 19th, 2019 and we will be taking a look at the U.S. Dollar Currency Index on the weekly chart just to get into the calendar, and have an outlook into the upcoming week. Looking at the Dollar Index here on a weekly time frame, we can see we got a minor correction and finally it moved back...
We analyzed the dollar last week and left the same sentence on the graph above, the only change is the question mark that became an exclamation mark, this is the reason:
The dollar broke serious resistance and so we thought that this is now the dollar is going to rise upwards and then suddenly there was a drop then we did not know whether this decline shows that...
DXY Long Idea (5/7/19) Daily Chart
- Price currently broke the trend line that I have placed on the 4HR, and had a retest of that trend line.
- I am looking for the lower high to be formed on the overall bullish trend line, so once price reaches the 61.8% fib level and the 4hr disturbance
- Once the reversal occurs, price will then reach at...
After the dollar crossed the resistance at 97.50 the way to continue the gains was supposed to be easy but it quickly returned to decline, if the dollar will stop in support and return to rise then the chances are increased to return to the gains, In case he continues the declines should take the last rise in a false alarm