DXY Bullish trend continue
Updated
**Monthly Chart**
The Sept 24 candle formed an inside candle after it swept the liquidity from the previous candle low and tested the low of the July 2023 monthly candle at the midpoint of April 22 Fair Bullish Value Gap (IPA).
The Oct 24 candle closed as a bullish engulfing candle, suggesting a strong bullish move for DXY in the next few months.
This month's candle (which is still active) continued the strong bullish move for the DXY and took the liquidity above 106.49 and 107.34. I am still expecting DXY to at least move to test 110.00 before looking for any bearish structure.
**Weekly Chart**
Last week's candle closed bullish after swept liquidity above 107.348 level. Since DXY already took the liquidity. For Now, for DXY to continue the upward trend, it needs to form a bullish structure on smaller time frames for one more bush higher at least to test the low of 24 Oct 2022 weekly candle at 109.535 level.
**Daily Chart**
I would like to see DXY retrace lower at least to test 0.50 or 0.618 Fibs levels and FVG on the daily chart and form bullish confirmation for another push higher this week.
This means a bearish continuation for opposite pairs to USD. Such as GBPUSD, EURUSD, AUDUSD..etc.
Note: I don’t trade DXY but I use it as an indication when analyzing other currency pairs linked to USD.
The Sept 24 candle formed an inside candle after it swept the liquidity from the previous candle low and tested the low of the July 2023 monthly candle at the midpoint of April 22 Fair Bullish Value Gap (IPA).
The Oct 24 candle closed as a bullish engulfing candle, suggesting a strong bullish move for DXY in the next few months.
This month's candle (which is still active) continued the strong bullish move for the DXY and took the liquidity above 106.49 and 107.34. I am still expecting DXY to at least move to test 110.00 before looking for any bearish structure.
**Weekly Chart**
Last week's candle closed bullish after swept liquidity above 107.348 level. Since DXY already took the liquidity. For Now, for DXY to continue the upward trend, it needs to form a bullish structure on smaller time frames for one more bush higher at least to test the low of 24 Oct 2022 weekly candle at 109.535 level.
**Daily Chart**
I would like to see DXY retrace lower at least to test 0.50 or 0.618 Fibs levels and FVG on the daily chart and form bullish confirmation for another push higher this week.
This means a bearish continuation for opposite pairs to USD. Such as GBPUSD, EURUSD, AUDUSD..etc.
Note: I don’t trade DXY but I use it as an indication when analyzing other currency pairs linked to USD.
Trade active
DXY has already taken the highs above the previous monthly swings highs of April 2024 and October 2023 and remains bullish. one more push higher is expected at least to test the monthly Imbalance Price Action (FVG) of November 2023 at around 109.26 before reversing and moving lower.Trade closed: target reached
DXY did what we anticipated. Long trend is still holding.Note
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