Long term/Semi-marco:All major time frames are indicating that the dollar is very strong and trading against it will definitely be unwise especially when there's fundamental backings.
any currency trading against the dollar is in trouble.
PAIR TREND
12MONTHS=====> BULLISH
6MONTHS...
A potential swing trade short has presented itself on the daily chart.
DXY failed to closed above 103 and formed an inverted hammer on the daily chart, and its upper wick met resistance at the 38.2% Fibonacci level. Daily trading volumes also declined whilst prices rose gradually, against the prior (and more aggressive) leg lower. This suggest the -day rise is...
Directional Bias: Bearish
Narrative
- The initial forecast i did for DXY played out well last week() with volatility coming into the market to push prices lower. I am still bearish on the dollar
- We traded below previous months low, and this is where i would like to pause to get new context to go lower from the weekly timeframe, after the creating an expansion...
Imo this is a very big level for the dollar going back decades. But more recently it marked the high in 2017 and again in 2020. I think we get a large move off this level in the coming weeks due to the 9 ema crossing the 21 ema last week. Price is also consolidating between VWAPs from 2020 lows & 2022 highs which should provide for an even larger move once it...
The DX price is right in a resistance zone as noted with the rectangle and also with the two price tops circled in black. We also have a spiking weekly candle.
To increase the odds, it would be good for DX to close down below 103.80 tomorrow, Friday, February 9, 2024. The current price is 104.01.
Another confirmation of lower DX prices would be a close below the...
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As someone interested in the Elliott Wave principle, I find it a valuable tool for analyzing the market. I have developed my approach by combining this principle with my personal experience and by considering various...
We may be entering a strong period for the U.S. Dollar. Price charts favor the USD with the Eurocurrency, Canadian Dollars, British Pounds, Aussie $, SIngapore $ and others.
I'm overall bullish on dollar index. A small manipulation to the downside and then sudden pump up. Educational purposes only. trading consists of huge losses so trade with stop loss.
This looks to be bearish structure. Wanted to check against the community to ask for other opinions. Trend lines are valid.
Little more pump before the DXY drops off into the Low 80s?
Rsi indicated another pump to the top of the wedge, but I could see it falling through after that.
Comment!
Not financial Advice. I am a hobbyist.
DXY looks bullish taking in consideration the commitment of traders and also the seasonal tendencies
For mor in deppth analysis i am expecting two major equal higs to be taken out and then we can discuss for dxy moving down. The cut rates at the end of the month January doenst at all influence my analysis since the cut rates are already priced in and at the last...
The dollar index was weak in the run-up to the European Central Bank's interest rate decision. A massive fair value gap is blocking any further upward movement. In view of the bearish chart situation ahead of the interest rate decision, we expect the DXY to lose further value and reach the 102.00 area.
We have remained bullish the US dollar the past few weeks, and continue to suspect there are plenty of shorts to be covered as markets finally concede that fewer Fed cuts are coming this year and already priced in.
The dollar has posted a strong rally YTD, and after a brief consolidation momentum is trying to turn higher with a bullish outside candle. It's not...
Yes, I did call for bearishness in the Weekly Outlook. And yes, the USD has moved bullishly since Tuesday. However, I did state that price would move up into the fair value gap, and from there, the bears would take over.
Remember, I described an External to an Internal RUn on LQ. Price has moved from Discount to Premium prices. Currently, price is positioned...
Remember, daily patterns are not as reliable as weekly patterns. But this H&S bottom is supported by COT data and could represent the start of a strong trend for the USD in the months ahead.
