Took a harder look at the DXY chart from October 2022 to end of December 2023. I managed to see a ABC structure with wave 'B' as an expanding triangle. Wave A and wave C can both be labelled as impulsive 5 waves. Wave C is 0.618 of wave A.
We can say that the move from October 2022 to end December 2023 is corrective. And the subsequent move should lead the...
So buying big bases has been the thing to look for. This is the DXY weekly chart, and we all know the importance of this chart with the stock market. My question is what happens here? AND I know asset prices trend but what about currency prices?
I have two beautifully spotted trendlines indicating the uptrend and the downtrend, ultimately giving us a symmetrical triangle pattern. You can see how price initially tried to break out of the uptrend at that 3rd touch, but it turned out to be a fakeout. Fakeout or not, I personally feel that trendline has been tampered with, so my higher probabilities will be...
✅DXY is approaching a demand level of 102.800
So according to our strategy
We will be looking for the signs of the reversal in the trend
To jump onto the bullish bandwagon just on time to get the best
Risk reward ratio for us
LONG🚀
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"DXY is currently at 103.000, indicating a resistance zone between 103.000 and 102.800. Historically, market reactions tend to drive prices towards the upside demand zones at 103.700 and 103.900. Consider setting a stop loss at 102.000."
the dollar has broken a daily area of structure that aligns with the H4
price is currently heading towards another area of structure i would like for price to respect that support to then head towards the structure it broke and retest it as a new found resistance...
MACD shows a solid down trend and the ADX also indicates strong short powers coming. DO NOT try to set any buy orders before the market shows a reversal.
Looking at #DXY on a daily timeframe, currently looking to take potential long positions upon the retest of the daily demand zone which confluences with the inner 4hr/1hr demand zone.
DOLLAR_INDX, H4 7 March 2024
The Dollar Index has descended to its lowest point in a month, currently trading below 103.50 levels. The dollar faced significant downward pressure primarily due to the dovish stance communicated in Powell's testimony that began yesterday. Powell indicated an expectation that the U.S. central bank will initiate rate cuts this year....
📊 According to the breaking of the upward trend of the downward movement of the price and the downward momentum of the downward movement of the price, if the range of 103.0 units is broken and the price stabilizes below it, the price may fall to the range of 102.6 🎯 and in the case of the strength of the range of 102.2 units🎯🎯.
📊 Otherwise, the possibility of...
March 7th
DXY: Stay below 103.40, to show downside to 103 support. Could bounce from support level
NZDUSD: Sell 0.6155 SL 20 TP 80 (Hesitation at 0.6110)
AUDUSD: Wait and see reaction at 0.6610. Breakout, Buy 0.6625 SL 20 TP 80
Rejection, Sell 0.66 SL 25 TP 70
USDJPY: Looking for reaction at 147.70, breaks support, Sell 147.60 SL 30 TP 90
GBPUSD: Sell...
Negative response from DXY after feds comments today.
DXY cracking below 200 MA and 50 MA.
If she continues to stay below these indicators and equities bulls build support, I would watch for volume on SPY and NVDA price action for upside confirmation.
We see 2 important breakouts on Dollar Index.
The market broke and closed below a solid rising trend line
and a key horizontal structure support.
The broken structures compose an expanding supply area now.
We can anticipate a bearish continuation to 103.0 level.
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