DXY - November 25, 2023 IDEA.
It is crucial that before we start analyzing currencies that involve USD, we begin with the analysis of DXY or the Dollar Index.|
If we go back 3 months, the Dollar Index has completed a DOUBLE BOTTOM.
https://www.tradingview.com/x/TVtvTLsA/
At this point, it has currently formed a bullish Engulfing Candlestick, and in my opinion, it is re-testing this point.
In the monthly view, we are accompanied by a very bearish candlestick and also in the weekly view.
What I currently expect from DXY is:
* First, to reach the zone of 102.00 where, at this point, there is a weekly/daily support zone that needs to be re-tested.
* If at this point, DXY stays and respects it as support, then I expect an increase in DXY.
* In case 102 is not respected as support, then the next zone that DXY will reach is 100 (my preference). From this point, I would look for long positions in USD pairs.
If we go back 3 months, the Dollar Index has completed a DOUBLE BOTTOM.
https://www.tradingview.com/x/TVtvTLsA/
At this point, it has currently formed a bullish Engulfing Candlestick, and in my opinion, it is re-testing this point.
In the monthly view, we are accompanied by a very bearish candlestick and also in the weekly view.
What I currently expect from DXY is:
* First, to reach the zone of 102.00 where, at this point, there is a weekly/daily support zone that needs to be re-tested.
* If at this point, DXY stays and respects it as support, then I expect an increase in DXY.
* In case 102 is not respected as support, then the next zone that DXY will reach is 100 (my preference). From this point, I would look for long positions in USD pairs.
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.