DXY Price Possibilities
Hello there,
Using my technical analysis, DXY has a good opportunity to go up. On the weekly TF i saw a respected ascending Trendline, even though it's not really that bullish. Yea, it got fakeouts but the last 2 touches on the line didn't break the trendline. I personally don't wanna execute our trade right now. I prefer to wait for the price to retest either to the Demand Zone/Trendline.
Possibilites to go LONG:
1. Price breaks the Descending Channel and bounces from the mini H4 Supply Zone - retest the Trendline/Demand zone.
2. Price directly retest the Trendline/Demand zone.
BUT. There're also possibilites for the DXY to go down, which is Fundamentals.
1. Because of the global pandemic, people will tend to invest their money in GOLD/XAUUSD. Which left the DXY&USD price falls. Correlation isn't really a thing here, because neither the XAU/USD & DXY is strongly correlated.
Summary:
From technical analysis side which tells the DXY will rise, possibilites is it will be a retracement. And thanks to Technical Analysis we got a chance to enter the DXY market and take advantage of the retracement.
Look out for the price action which will tell more information about the price.
Thanks for reading,
Cheers :D
Using my technical analysis, DXY has a good opportunity to go up. On the weekly TF i saw a respected ascending Trendline, even though it's not really that bullish. Yea, it got fakeouts but the last 2 touches on the line didn't break the trendline. I personally don't wanna execute our trade right now. I prefer to wait for the price to retest either to the Demand Zone/Trendline.
Possibilites to go LONG:
1. Price breaks the Descending Channel and bounces from the mini H4 Supply Zone - retest the Trendline/Demand zone.
2. Price directly retest the Trendline/Demand zone.
BUT. There're also possibilites for the DXY to go down, which is Fundamentals.
1. Because of the global pandemic, people will tend to invest their money in GOLD/XAUUSD. Which left the DXY&USD price falls. Correlation isn't really a thing here, because neither the XAU/USD & DXY is strongly correlated.
Summary:
From technical analysis side which tells the DXY will rise, possibilites is it will be a retracement. And thanks to Technical Analysis we got a chance to enter the DXY market and take advantage of the retracement.
Look out for the price action which will tell more information about the price.
Thanks for reading,
Cheers :D
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.