A quick high-low TF analysis of USDX.Next week:correction starts
HTF to LTF high/low analysis of the dollar index the USDX. It was interesting to see the gold price rally as the USD$ continued to breakout this week, the dollar's prior weeks volume was massive but its petered during Friday (yesterday) after failing to close higher than the last known candle at this price level 108.33 on a day back in November 2022. Furthermore, the 108 level got rejected and the USDX fell back to close just under the 50% level of the daily candle which is still a bit bearish 107.47. See below my series of charts why I see the USD$ starting to recede next week, I would say commencing Monday.
Now to the 4HR chart where the bears have already moved in commencing Friday (yesterday)
Further bearish charting on the 30m
10M chart below, more bearish clues.
3M Chart. Is this getting boring?
1M TF a bears head n shoulders is for viewing & price has already retested and moving lower.
and finally a 10sec chart for giggles.
Usdxshort
Oceania trading week about to commence NZ. USD, Gold, Bitcoin
*
The USD could see some weakness this week, probably not coming until mid-week price possibly propelled by double/bottom structures on mid-timeframes, however the Daily timeframe is indicative of some weakness with price below the moving averages. It's possible later in the trading week the USD could retreat to the 100.60 - 100.85 zone where there is support. Let's see how that play out.
The whole idea is a bit counter-indicative of a short I am expecting on EUR/USD which is very overbought at the moment.
* In other developments, Bitcoin BTCUSD showed some strength during Sunday's session but is since off its' highs in the weekend session. However, BTCUSD is getting support on the 200 EMA on the Daily. I would not be surprised to see some bullishness in Cryptocurrency this week, with the shine perhaps coming off Gold which is overextended and overbought across all timeframes. The Silver price has further to run but will generally follow Gold's lead.
* In precious metals, as I point out above I see a short in XAUUSD very soon probably today, there is more buying demand on the higher timeframe for Platinum XPTUSD, XAGJPY, XAGUSD, XAUJPY whereas XAUGBP, XAUAUD & XAUUSD look over-bought. As I point out above, it's always tricky because I find they all mostly track the gold-price.
Have a good trading week, Oceania trading in NZ commences in 30 minutes (6pm New York time) and the Australian ASX kicks off in just over 2 hours time.
Chris
Reading multi timeframe Secrethello everyone, this is my first video tutorial on this website. I hope I explained everything properly if I didn't let me know so I can make improvements...
I did have some people who contacted me how to trade, they liked my analysis so I made this video for them and also for people new to trading.. Or people who are already pro this will give a nice upgrade on there skills
for this tutorial I used DXY which is the most important index in trading and I think it's a good start for new traders so they can use DXY to trade major currencies..
please let me know how the video was?
thank you
USDX TRADE IDEAhi all
Im expecting a drop following a breakout of previous weekly resistance 103.216, but the USDX maintained its momentum and ended the week at 104.366.
The price is close above my resistance level from the last trade plan. Therefore, to limit losses, I either cut after the market opens or wait till after US open and watch the price action.
On the weekly chart, I can see that the head and shoulders pattern and neckline 1 have already broken out, so this week, I'm interested in seeing whether the price in towards NFP or whether it will correct to wave B.
Let me know what you think In the comments!
**My trading strategy is not intended to be a signal. It's a process of learning about market structure and sharpening my trading skills**
Thanks a lot for your support
USDX UPDATEhi all
Following a breakout of the 103.256 level, I expect a correction to wave B.
Let me know what you think In the comments!
**My trading strategy is not intended to be a signal. It's a process of learning about market structure and sharpening my trading skills**
Thanks a lot for your support
USDX UPDATEhi all
I'm looking for a pullback around level 103.7, with a target of 102.1, before continuing long.
Let me know what you think In the comments!
**My trading strategy is not intended to be a signal. It's a process of learning about market structure and sharpening my trading skills**
Thanks a lot for your support
DOLLAR/DXY INDEX
Since this idea posted. 2 weeks ago. at a price 99.590$
PRice easily shoot 102.8$
Im expecting light manipulation above the box line before it falls back for retesting at 101 zone or the price might be going down to the previous lows.
If only The FED would stop raising hikes. Then we might see a Bullish on everything. If September has a hikes then The price of dollar continues to Shoot.
This is only my view base on charts. IF you follow this idea, you made a lot.
Thank you and IM almost got 400 followers.
Well I keep posting good stuffs, enjoy trading and Happy NFP later...squeezing both sides.
Goodluck folks.
DXY Short Term BearishnessMarket structure showed a shift lower twice, and indication of downtrend continuation. Daily chart printed multiple rejection followed by thursday bearish engulfing candle. I anticipate price trade to or below the 50% level of the uptrend price range before buliishness resumes or we see downtrend continuation.
I would like to see a pullback to my entry A or B. Entry A is in confluence with 50% pullback level, MA and Trendline.
A break above Entry B which would invalidate the above confluences therefore, I would pause to see price in action.
If you trade patterns, DXY already formed a Diamond Top at mid of previous week.
Bearish 3 Drive Pattern for DXYgreetings fellas, us dollar index in bearish 3 drive pattern and want to take sell side liquidity once again and reach to 99.84 zone.
btw, in the second drive we seen 3 drive in 4h timeframe, maybe in third drive we will seen this pattern again but daily timeframe.
after that i expect bullish spike candle to reach TVC:DXY 103.4.
DXYCurrently, tracking the USDX (US Dollar Index) has become more enjoyable than ever before. Upon further examination, I have come to the conclusion that the DXY has reached its peak and is now in a phase of aggressive decline, beginning from the level of supply that I have identified, or potentially even worse from the fair value gap (FVG). I will continue to keep you updated on any changes regarding this matter.
USDX(Dollar) Must Continue To Extend LowerTechnical Analysis:
- As you can see the above daily chart, USDX is still doing a ABC correction in blue
- We present two possible paths - Black and Blue ( With actual data each path has 50% probability )
- The decision of both paths (Black and Blue) will be taken when USDX will arrive to the orange circle area
- Short term structure is bearish
- H1 Right Side is down
- H4 Right Side is turning down
Technical Information:
- Don't buy USDX (Dollar) now in short term
- We like to buy when wave C in blue and wave 4 in black are completed
DIXIE looking horrid and next target 96.40Head and Shoulders has formed on Daily. It didn't even complete a decent looking right shoulder, which shows how strong the bears were to push the index.
Moving averages are all bearish with 200 >21 > 7 MA.
The interest rate hike has shifted attention to possible inflationary measures in the future for the US.
This has resulted in Investors taking their money out of the US Dollar and putting it in Euro...
So the first target is 96.40.
EXPLAINED DIXIE (US Dollar Currency Index) What, why where, how?The US Dollar has been in the limelight and not in a good way. In fact, he US dollar has not been dimmer since 22 September 2022 where it was trading at 114.42.
Currently it’s at 103.90 (9.19%) down…
But what does it all mean?
Why is the Dixie such a popular index to understand, and trade.
You see it in the news every time you turn on Bloomberg and you see it in the publications. So we might as well understand it for the next time they mention the Dixie.
IN this short article I’m going to answer the 6 most important questions, to help you understand the Dixie is, how it’s calculated and how to trade it…
1. WHAT IT IS?
The U.S. Dollar Index – DIXIE - (USDX) was first intrpduced in March 1973 and is a measure of the value of the U.S. dollar relative to a basket of foreign currencies.
2. HOW IT’S CALCULATED
The USDX is calculated by the Federal Reserve Bank of New York and is based on the exchange rates of six major currencies: the euro (EUR) – Accounts for 57.6% - ,Japanese yen (JPY), British pound (GBP), Canadian dollar (CAD), Swedish krona (SEK), and Swiss franc (CHF) .
3. ECONOMY GAUZE
The DIXIE is used as a barometer for the value of the US dollar to base it on the potential strength of weakness of the U.S Economy.
4. TRADED BASED ON
The USDX is traded on financial markets, and its value moves based on certain macro aspects such as: Changes in exchange rates, economic conditions, and global market trends.
5. USE
Investors and financial institutions uses the USDX is often to hedge against currency risk, as well as to speculate on changes in the value of the U.S. dollar.
6. HIGHER VERSUS LOWER VALUE
If the Dixie goes up this means the US Dollar is gaining strength against the other currencies. The more it goes up the more it appreciates which indicates a stronger US dollar – Stronger economy – more confidence in the US dollar.
If the Dixie drops, it means the US dollar is getting weaker against the other currencies in the basket for the index. As it drops more, it depreciated which tells us the US dollar is getting weaker which means – a weaker economy and less confidence in the US dollar.
If this was interesting let me know in the comments or hit the like button and let me know what else you would like to learn about in bite size information.
Trade well, live free.
Timon
MATI Trader
US DOLLAR INDEX BEARIS OUTLOOKInflation is USA still remains high, but it have eased a bit, showing the CPI published yesterday. The investors are currently more worried regarding the interest rate increase that Fed is planning to implement in order to continue slowing the inflation.
USDX broke the support of the triangle pattern on the 1 day graph, which might indicate a downturn for the instrument, which is supported by both MACD histogram, which is steadily under the zero line, and the RSI index.
If the pattern does not realize the instrument might return to its open from yesterday at 106, but if it gets realized, it might reach levels of 103.3
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USDX retrace below 100 before next impulse higher- Looking for temporary Dollar weakness in the form of a retrace to below 100.
- Followed by next impulse leg up on negative GDP-news
- Fundamentally a US recession is looming
- US slump will translate to a cooling world-economy
- This will trigger risk off and with it Dollar strength
- Volume profile shows strength in upmove
- After the high volume is falling on the way down
- In short: drop below 100 followed by a push above 106