Last week the US dollar index (DXY) closed at a 15-month low and beneath 100 for the first time since April 2022. Yet subsequent price action has seen a lack of conviction form bears, allowing prices to form a double bottom just above the March 2022 high and close with a Spinning Top doji yesterday.
Given US yields are showing signs of stability (and hinting at...
bullish order blocked formed on 4h time frame on 23rh may, 2023. price until hold 102.80 suspect bearish, if breach then may suspect more down. demand zone 103, sl 102.70, target: 104.30
Demand zone for long 100.80-40. 14th April daily key reversal bar indication for strength ahead. Price in range between descending triangle. if breaks down demand level then possible for 0.9330.
USD Dollar index tested trendline support areas 108.15 which is 13th September low. Demand zone area for long 108.15-107.50. stop loss: 107.30, targt: 112.30.
Hey tradomaniacs,
DXY (US-DOLLAR-INDEX) is currently re-testing the primary trendline aswell as support-zone.
Question is will it hold or not? I can tell you it is tricky due to the new expectations the market prices in in uncertain times.
What do we need for a bullish US-Dollar?
1. Risk-Off in stocks
2. Rising Yields / Falling Bonds
Fundamentals:
So...
#usddollar, 15th Key reversal bar, next Insurance bar indication for short dollar. 105.55-60 resistance level for previous fall. High probability to hold this support to form double top. price may go rise up a little to catch stop losses of short traders. Target is 103.00.
#usd dollar, 14th June daily bar broke previous resistance to catch stop losses of short traders. 15th June made a key reversal bar dictation for weakness ahead. 102.90 initial target for short. while 101.50 target for medium term.
#USDDOLLAR, usd dollar monthly key reversal bar made a new high closed off the low. weekly bar 16th-20th May formed two bar reversal for bearishness ahead. 13th May daily bar is a key reversal bar confirmed with next bar down a insurance bar. 104.40-70 supply area for short. stop loss above 105.10 which is 13th May high.
