GBPUSD Retracement Aiming for a slow move to the downside with US Dollar Index showing positive moves to the upside and the British Pound Index Turning bearish on the Open.
There are economic factors that may accelerate the moves.
Dollar-index
DXYmy opinion: first drop to 96.60 - 96.36 witch is pretty strong that can rally. also we have some good supply above, so pretty much like to range between these areas until something happens :)
"any comment is welcomed"
Jerome Powell will destroy the #dollar's upward trend? #DXYLast week the dollar broke the resistance at 94.4 (breaking resistance usually accelerates trend)
The dollar is on the rise with excellent technical data.
We will remain bullish on the dollar, Despite the interest rate decision on Wednesday and the high chances of seeing an interest rate hike
Target: 98.3
Second target: 99.7
U.S Dollar Index (DXY) Strong Bearish Potential4H CHART EXPLANATION:
After the big downside move, price recovered almost all the way down. Now it seems that the Daily Resistance Zone is holding the price, and it broke the Ascending Channel. So, if the Daily trendline is broken, then we can expect a downwards move towards the previously tested Support Zone.
MULTI TIMEFRAME ANALYSIS:
-Daily:
-Weekly:
DXY 600 Pips Short OpportunityHello Folks, expecting DXY Short)
First Target: 93.21
Second Target: 91.11
DXY Decline? hmmThe DXY is currently undergoing the retest phase of the break out from the neckline. From here I am expecting price to decline further to the 96.00 level signalling weakness in the Dollar.
"Top and Bottom Analysis" Dollar Index (DXY) by ThinkingAntsOk4H CHART EXPLANATION:
In the short term, we observe that price broke the Ascending Wedge and now it is making a pullback to the zone, so if it bounces there it has potential to start a downside movement towards the Support Zone at 95.85
Updates coming soon!
MULTI TIMEFRAME VISION:
-Daily:
-Weekly:
DOLLAR: Possible Correction ComingWelcome to this new trading idea!
We are looking at the 15min chart of the Dollar Currency Index. Price did nearly touch last highs. Looking at the daily timeframe we can see that price consolidates a lot in this area. Also there is a wick candle forming for today.
Getting back to our 15min chart, price retraced and made a peak high with divergence on our RSI. After that we are looking for shorts only by keeping in mind that there are new highs above the daily consolidation zone.
There is no trade for us in this currency now. But looking on the Dollar in terms of correlation always helps to determine different moves of other pairs.
Example: EUR/USD is also on its very bottom, where i would love to see a retrace also.
Keep in mind that tomorrow the monthly candle will close.
Wishing everyone a great upcoming weekend!
End of the multi-year dollar up trend. The end of the dollar will start in a year or two. Hold on to your multi-year dollar short positions.
Eksi, Edy.
USDCAD upside?this pair can break above 1.34 according to the current moment. and then will be targeting 1.35700 as my first TP
DXY Approaching support , Prepare For A bounce
DXY is approaching its support at 97.03 (horizontal swing low support, 61.8% Fibonacci extension, 23.6% Fibonacci retracement ) where it could bounce to its resistance at 97.69 (100% Fibonacci extension, horizontal swing low support).
Stochastic (34, 5, 3) is approaching its support at 5% where a corresponding bounce is expected.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
DXY big test for NFPsAfter the big move yesterday following Draghi's dovish speech (introducing TLTRO's, weak economic forecasting...) the dxy is sitting on a key level after breaking the tame trend line (pink line). This level has:
Previous high made in Nov/Dec 2018
61.8% retrace off 2017-2018 decline
75% slope off pitchfork
Key pivot level (purple dotted line)
61.8% shorter-term pitchfork line
A weekly look at that key pivot line
A shorter term look at another pitchfork median line
