As per our previous analysis, DXY is moving up with utmost care at the red line and the prior high for possible reversal to the downside.
This is a trade for the whole week.
I do not use stop loss but you can put your stops at 95.70
A closer look at the longterm structure of the DXY can put whats going currently with the US Dollar into better perspective.
The current bull wave has more similarities to the mega trend of the 1980s' that lasted 2303 Days or approx 5 years. With each leg of those waves ranging from 400 to 800 days long with consolidations that lasted from 160 - 320...
This is an update to my DXY analysis from August 2015. Nothing has really changed much from that analysis except a potential top in January of 2017.
Time cycles change all the time, so I have no interest in putting too much faith even in something as consistent as the US dollar time cycle. However, I am very interested in the 618 level at ~ 84, should the 93 -...
Seems like big dawgs are about put to push
price down.
It's been accumulating and price will brake to the down
side because its the path to the least resistance now.
DXY is still moving down but we are looking for good buying entries for next week.
I will buy from the red line and add if price retests the prior low.
I will not use a stop loss but you may use 95.70 as a stop loss if you like.
This trade is lasting for the whole week.
The U.S. Dollar Index tracks the strength of the dollar against a basket of major currencies. (DXY) originally was developed by the U.S. Federal Reserve in 1973 to provide an external bilateral trade-weighted average value of the U.S. dollar against global currencies. U.S. Dollar Index goes up when the U.S. dollar gains "strength" (value), compared to other currencies. The following six currencies are used to calculate the index:
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