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:
After retesting the bearish trend line it broke previously, US Dollar Index just confirmed upward trend. Hence, for now we leave our long position open in order to capture it.
1. Find the point X at the bottom and point A at the top of a strong bullish trend.
2. 1st Retracement is not higher than the 61.8% of point X.
3. Point C should be confirmed at the 113% to 161.8% retracement area of A.
4. Point D should be confirmed at the 161.8% to 224% retracement area of B.
4a. Point D should be confirmed at the 88.6% to 113% retracement ...
In February I suggest a bounce was likely coming in the US Dollar DXY (see link below). The DXY is not at the center line of the weekly channel and almost to the Fib target area I had. There is now a bearish divergence in the daily RSI. I think it is like the dollar is about to have a longer to term decline starting soon.
I have closed my shorts on gold as a ...
Presently looking like there is a high likelihood DAX will complete the H&S pattern shown to the downside, before potentially reversing back up to complete the longer term reverse-H&S to the upside.
Dollar had a good run last week, so its ok for Dollar to have a short break before it before it pump up again.
I am expecting further drop in dollar first, probly to 93.227 level, if any sign of reversal build up that will serve as +1 to further Dollar bull.
Fundamentally, datas are promising and Feds are positive on improved economy. Given rising inflation, fed ...
I am looking a a possible Head And Shoulders formation on the Dollar Index. Should this setup unfold as I have it here, the target happens to be on a perfect retest level as well. Simple and clean setup which could give some good direction on some other pairs as well.
Contact me via direct message for any assistance required
Happy trading!
Linton
The US dollar has had a great rally these last few weeks but has been showing some weakness lately. This count suggests there could be some decent downside before the dollar is due another rally.
The dollar index will be the driver for the next week, geo-political tensions, trade war and some economic data will still move the market in the short term. From a technical point of view, the index has reached our bearish target around 88.50, and from this area has triggered a good rally. With this in mind, what's next? To find some answers, we must remember ...
US Dollar Index breaks its 29 year trend line. This is a monthly chart and therefore does not attempt to address the smaller time frame excursions as the dollar pushes higher. Although we have another week yet before the monthly close we are looking somewhat buoyant as the MACD continues to build momentum above its zero line and RSI has moved into bullish ...
![DXY: [DOLLAR INDEX] UPDATES](https://s3.tradingview.com/4/4xAImveC_mid.png "[DOLLAR INDEX] UPDATES")
