Current State:
We saw DXY dropping for a while now. Actually we are at the bottom of a descending Trend Channel. I expect the price to go up.
DXY:
I use DXY for correlations. Trading the EURUSD, AUDUSD and the XAUUSD.
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Dollar broke through the important support line and rolled back to it after reaching the support line below. I expect growth to the level of 97.6 after which the price will return to the support line
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So I have counted this and I'm of the belief we're in the last leg of wave 5 up (C of 5) which is a 5 wave move in itself so far we're yet to complete wave 3, I have zones marked for where I think that completes let's see if we can reach it.
Consolidation before spike up on Daily, looking to sell in this area after price comes back up.
Targeting weekly and monthly lows before sweeping outside liquidity (higher prices because of high time frame up-trend). Needs to fill gap before continuing higher, IMO.
Yellow Boxes = consolidation
Orange Boxes = Gaps or imbalance (fast moves/long...
For EW enthusiasts, this chart paints the last couple of years in broad strokes. The long trend line coming in from offstage left starts at 1810.10 on 2/11/16 and touches 2083.80 on 11/4/16.
DXY is going bullish currently testing strong support and on an uptrend I believe USD is going gain strength which compliments my analysis on UJ (Buy) and gold (Sell) analysis
Stock Indices use a portfolio of representative companies (usually spanning major industries) to reflect the status of the whole stock market. There are basically three kinds: global, regional and national. Global indices include companies regardless of where they are traded. Regional indices include companies from a certain region and national indices include companies from a specific nation. Stock Indices are used to get an indication of the market's overall direction. Some analysts use them as a barometer of the underlying economy.
Indices can be comprised of tens to hundreds of stocks and each index calculates the weighted average differently. Some weigh the stocks equally (equal weighting), others take company size into account (capitalization weighting) and others use a hybrid method (modified capitalization weighting). Stock Indices are tradable entities themselves. A currency index is a measure of the value of a specific currency relative to other select currencies. Indices like the US Dollar Index or the Euro Currency Index are used to gauge the strength of those respective currencies.
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