DXY: wait and see
Updated
Hi Guys,
after finding support with a double bottom at the end of January the US Dollar Index bounced from A to B. This run was supported by the 50SMA and topped on Feb 15th. After making B DXY crossed & re-tested the 50SMA that is keeping it down. Price corrected approx 50% of the run from A to B before re-testing the 50SMA.
Despite RSI is below 50 line price is reluctant to enter the black bold box.
I would expect this move to happen before or around EU opening on Monday (9 o'clock).
WARNING: top of the box may support price for a move higher away from it. Price may try to cross again the 50SMA for the upside instead of making the expected move.
Strategy: wait and see.
IMPORTANT: If DXY goes towards A means it's weakening. If it goes towards B it's strenghtening. To understand whether the US Dollar is strong or weak may help you find opportunities in other currencies and commodities markets.
If you click & play this idea posted on Jan 31 you will see the run from A to B on the daily chart.
Thank you for your support and for sharing your ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
after finding support with a double bottom at the end of January the US Dollar Index bounced from A to B. This run was supported by the 50SMA and topped on Feb 15th. After making B DXY crossed & re-tested the 50SMA that is keeping it down. Price corrected approx 50% of the run from A to B before re-testing the 50SMA.
Despite RSI is below 50 line price is reluctant to enter the black bold box.
I would expect this move to happen before or around EU opening on Monday (9 o'clock).
WARNING: top of the box may support price for a move higher away from it. Price may try to cross again the 50SMA for the upside instead of making the expected move.
Strategy: wait and see.
IMPORTANT: If DXY goes towards A means it's weakening. If it goes towards B it's strenghtening. To understand whether the US Dollar is strong or weak may help you find opportunities in other currencies and commodities markets.
If you click & play this idea posted on Jan 31 you will see the run from A to B on the daily chart.
Thank you for your support and for sharing your ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
Note
Ok, Monday is almost gone and this is what DXY did so far...Note
Note
Note
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.