As you can see, our analysis for DXY played out exactly how we expected it to.
From now on, we're looking for short setups.
When they move we move, so for now we're waiting for a good entry.
Let's see what they bring us.
WARNING: BEARISH PRICE DIVERGENCE
Higher Highs and higher Lows while price is consolidating
and RSI & CCI are making Lower Highs and Lower lows
Indicates reversal of DXY might be in the works, watchout . The DXY might collapse if it continues to consolidate so be on the lookout.
We still expect US Dollar Strength but it seems we are starting to run out of...
SHORT TERM Bearish view on DXY
DXY Head & Shoulders Pattern on the Daily, retest and rejection of critical retracement zone. Details are on the chart.
Thank you for support and likes. Feel free to comment below.
So here with the DXY (dollar) we have obviously seen very bullish movement. The dollar is very strong, I do not care what anybody says. The dollar is not weak.
That being said, I am still bullish with the dollar overall this week as we also seen a nice doji & rejection right off our zone this week. A lot of false movement for those who trade the dollar on...
- As it is pulling back after a neckline break, but it also looks like a bias continues to form cypher pattern
- If the break up exceeds the neckline (95) then the odds are still bullish with the target returning to area 96 as a potential reversal zone of the formed cypher pattern.
- If it is unable to break above and break the low back above the previous low...
- Still in the uptrend channel
- It has touched the support line
- Being in the demand zone
- Touched the .782 Fibo retracement
- Wave 5 is finished
- Bullish Divergence
- Set to form Chyper pattern
-TP 1 at 95.70
-TP 2 at 96.50
Invalid if drops through 94.68 low
Cypher Pattern Rules:
- Point B is the Fibonacci retracement of point XA of 0.382 to 0.618
- Point C is an extension of XA of at least 1,272 or between 1,130 - 1,414
- Point D is the Fibonacci retracement of the XC point of 0.782
DXY has the potential to form a similar formation, with point B of 0.32 and point C a little longer at 1.667. DXY also managed to move...
So, the weak uptrend tendency in suggested 5-th subwave of EDT pattern is possibly may continue. Please be care yourself in such risking situation.
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(If you have questions, comments, write, reply thoroughly!)
Best regards, trader Igor.
The dollar index is bouncing strongly above major support at 93.39 (Multiple Fibonacci retracement, Fibonacci extension, Horizontal overlap support, bullish price action). The next major level of resistance is at 94.28 (61.8% Fibonacci extension, 100% Fibonacci Extension, Horizontal overlap resistance). The next major level of support is at 92.26 (Fibonacci...
This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.
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