DXY Daily TA Neutral Bullish
DXY Daily neutral with a bullish bias. Recommended ratio: 60% DXY, 40% Cash.
*After briefly touching $110 minor resistance in Friday's session, the DXY will attempt to retest the next resistance between $112 (Weekly resistance) and $114 (Daily resistance). The last time the DXY tested $112 Weekly resistance was in 2000. If the Fed raises FFR by 75bps on 09/21 this will push it to 3% and may serve as a catalyst for DXY to keep surging higher. A few Fed members have openly suggested taking FFR to 4% or above by early 2023, should this happen the stage is all but set for DXY to keep going higher. Key Upcoming Dates: 10th GDPNow US Q3 GDP Estimate at 830am EST 09/07; 6th Beige Book at 2pm EST 09/07; August CPI at 830am EST 09/13; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently retesting $110 minor resistance for the first time in 20 years. Parabolic SAR flips bearish at $108, this margin is mildly bearish. RSI is currently trending down slightly at 68 after peaking at 69, the next resistance is at 82 and the next support is at 59. Stochastic remains bullish for a second consecutive session and is currently trending up at 91, it's still technically testing 88 support. MACD remains bullish and is currently trending up at .82 but is still technically testing .65 resistance, if it can break above .65 the next resistance is at 1.24. ADX is trending up slightly at 28 as Price continue to push higher, this is bullish.
If Price is able to break above $110 minor resistance then it will likely retest between $112 Weekly resistance and $114 Daily resistance for the first time since 2000. However, if Price breaks down here, it will likely retest $108 support before potentially retesting the 50 MA at ~$107 as support. Mental Stop Loss: (one close below) $108.81.
*After briefly touching $110 minor resistance in Friday's session, the DXY will attempt to retest the next resistance between $112 (Weekly resistance) and $114 (Daily resistance). The last time the DXY tested $112 Weekly resistance was in 2000. If the Fed raises FFR by 75bps on 09/21 this will push it to 3% and may serve as a catalyst for DXY to keep surging higher. A few Fed members have openly suggested taking FFR to 4% or above by early 2023, should this happen the stage is all but set for DXY to keep going higher. Key Upcoming Dates: 10th GDPNow US Q3 GDP Estimate at 830am EST 09/07; 6th Beige Book at 2pm EST 09/07; August CPI at 830am EST 09/13; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently retesting $110 minor resistance for the first time in 20 years. Parabolic SAR flips bearish at $108, this margin is mildly bearish. RSI is currently trending down slightly at 68 after peaking at 69, the next resistance is at 82 and the next support is at 59. Stochastic remains bullish for a second consecutive session and is currently trending up at 91, it's still technically testing 88 support. MACD remains bullish and is currently trending up at .82 but is still technically testing .65 resistance, if it can break above .65 the next resistance is at 1.24. ADX is trending up slightly at 28 as Price continue to push higher, this is bullish.
If Price is able to break above $110 minor resistance then it will likely retest between $112 Weekly resistance and $114 Daily resistance for the first time since 2000. However, if Price breaks down here, it will likely retest $108 support before potentially retesting the 50 MA at ~$107 as support. Mental Stop Loss: (one close below) $108.81.
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