Like ive been saying before, expect the dollar to continue its climb and a weaker EUR overall. EURUSD saw a major price drop on friday, and we might see it weaken signifacantly next week! USD has been stable lately and showing strong growth meanwhile things in Europe are starting to get a little shaky with the yellow vest protest.
DXY is trading above a major support and it is still structured to upside.
If we get a pullback and test of support at 97.0 price zone, we'll look for bullish opportunities with our target set at 98.16 price zone.
If price breaks our first target, our second target will be at 98.69 price zone.
This will be last forecast for the year, and I'll see you all next ...
The US Dollar Index is seen to be trading close to 97.60 levels at this point in writing, just shy of breaking above 97.70 levels. Please note that if bulls are successful in breaking above those levels, 98.00/20 levels is the next resistance in line. Also note that 98.00/20 is the fibonacci 0.618 resistance of the entire drop between 103.80 through 88.30 levels ...
In this video update, we look at how the USD has performed this week and what could happen leading into next week.
USD is currently still sitting in the wedge pattern and looks likely to break higher despite the current situation in the Bond market.
If we do see a clear close above the highs expect the market to continue higher.
DXY is testing its resistance at 97.70 (100% Fibonacci extension , horizontal swing high resistance) where it could potentially reverse down to its support at 96.80 (61.8% Fibonacci extension , 23.6% Fibonacci retracement ).
Stochastic (34, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.
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Bullish move which has started at 89 level is heading to its ultimate target which is 95.50
Price is heavily overbought and a correction might take place.
In stead of trying to capture the correction, it is safer to wait for the correction to complete and take the long.
We will be watching a profit taking move towards 92.6
Final target will be 95.50
Good Luck.
We have ascending triangle on DX with bottom 96.90 charging way up to 100.30. My previous DX chart show up to 102 with inverted head and shoulder on big TF. We are near of fall gold what all waiting. I dont know now how eurusd, as there are some stupid news, but i think, it will fall too.
DXY has made its third trial to pass the top resistance line.
Failed again WITH BEAR SIGNAL.
This could be a new start to confirm its bear trend from now on.
Next target is 95.25.
Less is more!
On DX we have inverted head and shoulder with up way to 102. First need break red neckline 98.20, above clear up. This way up will push eurusd and gold down I wrote on other charts. Now we are on green triangle area, can go little lower, but overal up. Bottom of DX is 96.50
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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TVC:DXY
