DXY possible scenario
Updated
It's been a long time..
I brought here some ideas for the dollar index for the upcoming weeks. As you know, the elections are around the corner and that should trgger some high volatility movements.
On the screen, you can see a bearish movement over the last months, which shows the weakness of the USDOLLAR. On my opinion, that movment is a first bearish impulse of the index, which has eneded on the last fifth impulse. Is probably to see an "ABC" correction on the nexts weeks, testing the 38.6%-78.6% fibonacci retracement ( 93-96). Then, we could see a rejection of that levels and a next bearish impulse below the 90.00 level.
I'll keep updating the analysis..
I brought here some ideas for the dollar index for the upcoming weeks. As you know, the elections are around the corner and that should trgger some high volatility movements.
On the screen, you can see a bearish movement over the last months, which shows the weakness of the USDOLLAR. On my opinion, that movment is a first bearish impulse of the index, which has eneded on the last fifth impulse. Is probably to see an "ABC" correction on the nexts weeks, testing the 38.6%-78.6% fibonacci retracement ( 93-96). Then, we could see a rejection of that levels and a next bearish impulse below the 90.00 level.
I'll keep updating the analysis..
Note
Hi!The price is moving as expected. 38.2% fibonacci has been rejected on the first hand. Now, we should wait a retracement to 92.5 and then, the price could move till 94-95 level.
If not, a retest of 92.00 coulb be possible, even a breakout below that level.
For those who invest on BTC, this DXY index is a perfect "friend" to predict the movement of the crypto coin.
Note
Price moving upwards again. 38.2% is a key level and could play as a resistance. Anyway, price still pointing to the 50-68.2% fibo level.Prediction still bearish.
Note
As we comented, the price is close to reach the 50% fibo.Note
The price has reached the 50% fibonacci retracement. As you see on the chart, the bullish momentum is slowing down, which can indicate us a possible rejection on that level.Note
Price still moving on the range. Keep a bearish eye!Note
As I commented on the BTC idea ( negative correlation with DXY). we could see a new bearish impulse on the upcoming weeks on the USD dollar.Trade closed: target reached
First target reachedTrade closed: stop reached
Perfectly played.
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