DOLLAR INDEX - Remains Indecisive
There is nothing more important to a trader than a good prediction of the dollar's performance. At this stage and since mid-November last year, the dollar index has been going sideways. It landed on our calculated support but failed to find either a good rebound or a break through to dip lower.
At this point it's important to understand what the dollar index is.:
'The U.S. Dollar Index (USDX, DXY, DX, or, informally, the "Dixie") is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners' currencies.'
So, we have a dollar going sideways against the rest of the fiat currencies. At the same time we have a stagnation (no great movements) in the price of Gold, whereas now Bitcoin is also sideways, correcting and flirting with 35k+ in a hard-to predict manner.
In other words fellows: when the dollar finally moves and oicks a direction, our trading will be easier. For the time being it's a cloudy and difficult time to trade so one must be able to hedge, diversify and take profits relatively early. Not a great time for swing trades, scalping seems to have better chances at this moment and it is key for a trader to be able to adjust based on changing market conditions.
When can the dollar find direction?
Well, either data or other fundamentals. Keep your eyes and ears open, things can change in a day, an hour , a single minute.
At this point it's important to understand what the dollar index is.:
'The U.S. Dollar Index (USDX, DXY, DX, or, informally, the "Dixie") is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners' currencies.'
So, we have a dollar going sideways against the rest of the fiat currencies. At the same time we have a stagnation (no great movements) in the price of Gold, whereas now Bitcoin is also sideways, correcting and flirting with 35k+ in a hard-to predict manner.
In other words fellows: when the dollar finally moves and oicks a direction, our trading will be easier. For the time being it's a cloudy and difficult time to trade so one must be able to hedge, diversify and take profits relatively early. Not a great time for swing trades, scalping seems to have better chances at this moment and it is key for a trader to be able to adjust based on changing market conditions.
When can the dollar find direction?
Well, either data or other fundamentals. Keep your eyes and ears open, things can change in a day, an hour , a single minute.
💎 BitMart VIP: bitmart.com/invite/FxProfessor/en-US – Find details on fxprofessor.com
🌟 CRGPT Token: Join the Crypto AI Revolution cryptogpt.io/
🌐 Public Telegram: t.me/fxprofessor88
🌟 CRGPT Token: Join the Crypto AI Revolution cryptogpt.io/
🌐 Public Telegram: t.me/fxprofessor88
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.