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EURUSD 28/7/24This week in the EU, we are looking to meet a couple of key points. Overall, we are focusing on the price shifting back into the bearish higher timeframe trend. Currently, the price has been moving lower. We opened up a gap on the daily timeframe, indicating a likely drop. Since then, we have moved lower and created short-term liquidity lows, suggesting the price will sweep out these levels and continue its downward movement. The key points we want to see met this week are as follows: 1. Price to sweep out one of our short-term highs and create a BOS (Break of Structure) downwards, giving us a clean sweep and break move. 2. We have an area of supply that we may tap into. If we reach this high, it would be ideal for short moves and selling positions. 3. If we tap into this supply and break higher, I will look for the daily high to be reached. We are more inclined to see a sell move to follow the higher timeframe trend. The target for this short move is the demand zone marked in green and the liquidity low marked just above that zone. Ideally, this zone will fail, and the price will move lower. However, we may react at this zone and go higher. We will follow what the price shows us! Follow your rules and stick to your plan! Trade safe.
by PipSurfingSociety
(DXY) Dollar - Break out pending from its consolidationThe DXY is currently in a consolidation phase, and I expect it to break out soon. Regardless of the direction, we have marked points of interest (POIs) that will help us capitalize on trading opportunities. - Scenario 1: Price Breaks Upwards If the price breaks above the consolidation, I anticipate it will fill the imbalance and tap into the supply zones marked on the 30-minute and 8-hour charts. - Scenario 2: Price Breaks Downwards If the price moves down, I expect it to mitigate the 16-hour demand zone. This zone appears to be a strong buy setup, likely pushing the dollar back up. There’s also an imbalance above this demand zone that needs to be filled. Overall, I am favoring an upward move, as this aligns with my bearish outlook on GOLD, EUR/USD, and GBP/USD.
TVC:DXYLong
by Hassan_fx
DXY:Will Fed Cut Rates in September?Hey Traders, In today's session, we're eyeing a potential selling opportunity in the DXY around the 104.600 zone. Currently, DXY is in a downtrend and is undergoing a correction phase, approaching the key support and resistance area at 104.600. From a fundamental perspective, the downtrend in inflation and easing economic conditions in the US suggest that a rate cut might be on the horizon in September. This dovish environment could weaken the dollar further. Stay cautious and trade safe, Joe
TVC:DXYShort
by JoeChampion
7
GBPUSD Medium cycle GBPUSD was in the bullish channel and now its broken that and its on a supportive level. According to my last idea, i said if its hunt the channel sooner that we expected its show the bearish trend power. Then the bullish channel broke. but now the price on a supportive level and i think the trend can reversal. also the DXY confirm that because its in a resistance level. its show dollar will be weak. Its just my personal comment please don't trade whit this. I have no responsibility for your money.
Long
by Arco-ir
DXY - 4H bullish soonDXY is currently consolidating under a support zone, but from my perspective, this is just a stop-hunting trap. The bottom of the channel is likely to provide strong support for the index. Historically, such setups often lead to a reversal, and the current price action suggests a similar outcome. Additionally, with the US government likely to support their currency before the upcoming election, this could be a critical time to watch for a bounce. It's essential to consider the broader economic and political context, which may drive the dollar index higher, especially if the support holds and the consolidation phase concludes.
TVC:DXYLong
by Sober_Trading
Will the Disinflation Trend Reinforce DXY Downward Momentum?Macro theme: - The highlight of the past week was inflation data. US Jun headline CPI slowed to 3% YoY (vs. 3.1% expected, 3.3% previous), and core CPI was 3.3% YoY (vs. 3.4% expected and previous). - The core service component has been declining, and rental prices may continue to fall due to delayed contract renewals. With this inflation trend, markets expect the Fed to make its first rate cut in Sep and another this year. - The dollar is likely to weaken, depending on the pace of monetary easing by other countries. If all major economies cut rates simultaneously, currency pairs may remain stable. Technical: - From a technical perspective, DXY broke its ascending channel and closed below both EMAs, shifting to bearish momentum. The index is right above its key support at 104.00. - If DXY extends its decline below 104.00, it may aim for a nearby support area around 102.75-103.00. - On the contrary, if 104.00 can hold the index above for a while, DXY may correct up to 104.90 before resuming its downward movement.
TVC:DXYShort
by DatTong
2
DXY at Critical Support! Massive Move Ahead! Technical Analysis Overview of DXY (U.S. Dollar Index) on 4-Hour Time Frame: Crucial Structure Point: The DXY is currently at a significant structural level, which could determine its next major move. Key Levels: Weekly LQZ: 108.007 Daily LQZ: 106.524 Daily LQZ: 101.908 Missed LQZ: 100.552 Current Price Action: The price is hovering around 104.283, a critical support zone. The market's reaction at this level will likely dictate the next direction. Potential Scenarios: Yellow Path (Primary Bias): Indicates a potential bearish scenario where the price might break below the current support level and head towards the Daily LQZ at 101.908 or even the Missed LQZ at 100.552. This path suggests a significant downward movement. Green Path: Represents a bullish scenario where the price could bounce off the current support and rise towards the Daily LQZ at 106.524 or even the Weekly LQZ at 108.007. This path suggests a recovery and continuation of the upward trend. Orange Path: Another bearish possibility where the price might initially fake out upwards but eventually break downwards, aligning with the yellow path. Market Sentiment: The annotations indicate that while the yellow path is favored, it is essential to remain adaptable as "anything can happen" in the market. This emphasizes the importance of not reacting impulsively but rather anticipating and preparing for different scenarios. Summary: Current Trend: The DXY is at a critical juncture, and its next move could be pivotal. Bearish Bias: The yellow path suggests a potential for further downside, targeting lower key levels. Bullish Recovery: The green path offers a possible recovery scenario, aiming for higher resistance levels. Strategy: Traders should monitor the price action closely around the current support level at 104.283. Look for confirmation before entering trades, and be prepared for both bullish and bearish outcomes.
TVC:DXY
by Adlercon333