Hello my fellow trader, financial market analyst, Cryptocurrency lover; readers and supporters, how are you feeling today?
Conclusion?
👉 The DXY is bullish!
(You know what this means?)
Let's read the chart together for learning purposes, fun and entertainment, or just to clear any doubts regarding my conclusion statement.
Feel free to boost before...
DXY Close To a Big Price Reversal
DXY is about to complete a big harmonic pattern on the daily chart.
This shows that we may have a weaker USD during the coming days.
The reason can be related to the FOMC and when the rate cut will happen.
It's unclear if the market sees the FED hawkish comments as positive or negative about the future of the USD.
During this...
We observed two unusual breakouts on the DXY chart.
The market had been in a consolidation phase for about a week plus, during which the price formed a triangle pattern and a horizontal range.
Both the triangle support and the range were broken, indicating strength in selling pressure.
This suggests that the price could potentially drop to the 105.00 support level.
That was quite a boring week for Dollar Index.
The market was stuck within a narrow horizontal range on a daily.
Next week, wait for a breakout of the range.
Bullish breakout of its resistance will be a strong trend following signal,
while a bearish violation of its support will initiate a correctional
movement on the market.
Next key resistance - 106.85
Next...
■Outlook for DXY on 1W chart.
We are in sub-wave iii of the upper degree wave C.
The sub-waves of wave iii will form a 5-wave impulse.
If the assumptions of this scenario are correct,
the sub-wave (3) of wave iii should start soon.
🏃♂️The DXY index is moving in the Ascending Channel and seems to have broken the 🔴 Heavy Resistance zone($105.88-$104.65) 🔴, and is currently moving in a small Descending Channel and making a pullback to this zone.
🌊According to the theory of Elliott waves , it seems that the DXY index has succeeded in completing the Zigzag correction(ABC/5-3-5) inside...
I will be looking for pairs that correlate with the dollar. I will be looking for buy entries. DXY broke at least 2 BOS. Dollar formed a head and shoulders and now its ready to rock and roll down this hill.
Hey folks,
Exciting developments in the world of trading! 📈📉 The dollar index just made a significant move, breaking and closing below a major daily support level. 🚀 What's more intriguing is the response afterward—a bullish retest that's met with a strong bearish reaction. 🐻💥
This could be a game-changer, indicating a potential downward trend in the dollar...
DXy is printing the final leg(CD) of a bullish BUTTERFLY113 harmonic pattern.
The butterfly 113 pattern completes at 113XD which is around the (98.0-98.6)support zone.
On ltf DXY has some bearish run downside until the support zone is reached.
The dollar dropped yesterday and was taped to the H4 FVG this morning during the ASIA Session. The daily candle did not close below the Dialy inverted level.
A strong move up and H1 close above the inverted FVG are signs that the low of the week was probably created and we could see a potential move.
🟠Rules
- No liquidity raid = No trade
- Never buy high and...
The DXY has made a bullish reaction off the pivot and could potentially bounce higher towards the 1st resistance.
Pivot: 105.52
1st Support: 105.08
1st Resistance: 106.29
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable...
As we discussed on the yesterday's live stream,
Dollar Index broke and closed below a key daily structure support
after a consolidation
Retesting the broken support, we see a positive bearish reaction to that.
It makes me think that the market will drop lower.
Next support - 105.2
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