Get started

Dollar_index

Short term bullish scenario - Testing weekly supportEURUSD is testing the bottom of a weekly trading range The price held above the 50 days MA line last Friday and as long as it holds above this line there's a chance it'll bounce towards 1.07, 1.08 or even 1.09! The final target zone and the potential R/R are shown at the chart. #Notice - Weekly chart analysis support the opposite way right now (bearish!) so be careful with counter trend trading here. Read more about EURUSD in my weekly newsletter (link in signature below)
by themarketzone
Gold Gains Almost 8 Points Resuming It's Bullish TrendGold continued to move higher today, closing at 1243.1, a gain of 7.9 points for the precious metal. The US Dollar Index $DXY fell today which helped fuel Gold's rise. As I pointed out yesterday, the dollar had closed under the midpoint on the BollingerBand after having tried to break through that line of resistance and I thought that it would move lower today. It did and Gold was the beneficiary, continuing it bullish trend. What we want to see now is Gold to keep hugging the outer BollingerBand, rising steadily between the BollingerBands and the rising 6 day moving average. You may want to use the 8 day moving average as a good place to put your stops. You can have confidence in the bull trend as long as price stays close to the outer Bollinger Bands and above the 6 and 8 day moving averages. You can also use the Heikin-Ashi as a great way to monitor the trend. Look at the chart below. Following the colors is a great way to stay confident in your position. Green is Up and Red is Down. It doesn't get any easier than that. :-) My final comment here is that you can see that price is trading in the middle of a low volume area. Price may pause here and try to fill in that area before making it's next move.
COMEX:GCJ2017Long
by GoldBands
DXY. Reversal zone would confirm the Head & Shoulders patternAn eventual H&S Pattern may be forming at the US Dollar index. If price gets stuck in a 102-103 area, for me it would be a perfect place to open shorts, targeting 96 zone. Last CFTC report shows Retail traders have bought from the Large Specs while Commercials have increased their position. Normally, that happens when trend is exhausted and ready for a correction. The Open Interest also went down which means the amount of money placed on the market have been reduced. More details here: oi63.tinypic.com I´ve already shorted GBP and EUR last week and will increase my position on the closest support level. But as soon as we pass DXY 102 mark, I´ll pay a lot of attention on how the market behaves to decide if I keep on with longs and this idea is not valid or join shorts on USD.
TVC:DXYShort
by captain_smollett
1
Dont get too excited Bulls - USDJPY DXYOverview - Sentiment immediately changed (...again... I know) from extreme bearish to excessive bullish from traders as we reverted back to the top of the channel. This is especially true in the USDJPY pair. The index and the USDJPY is still clearly in a downtrend. Unless you are eager to get ran over by the heavy weight greenback, I urge for confirmation before letting a recent upswing to cloud ones judgement. The last few weeks have been a grind of emotions with dollar bulls (myself included). With the current charting conditions, I would urge those to remain unbiased going into next weeks regardless of upcoming news. Technically Speaking - In the dollar index, we are still clearly in a downward trending channel. The bottoms we have attained since January 23rd have been successively less extreme, rising off the bottom channel. This may be the start of a new trend as we see the bottoms starting to round, however it is likely to be more of a fake-out than a trend reversal. In the past few weeks, each time the price broke above an RSI reading of 55, a sharp reversal occurred typically at the top of the channel. As you can see, we are trending just below it after a number of failed attempts to hold. Additionally, for those who are window oriented, there is still an open gap in the DXY around 99, indicated by the thin yellow box in the top chart. USDJPY Index Divergence - In a previous published idea, I mentioned that it was not a good time to have a new long entry in the USDJPY as I warned of a potential H&S that successfully played out. That was when USDJPY was trending around 115 and before it flushed under 113 that week. It is starting to look good for the pair, a double bottom, what looks to be a higher high off the most recent pulse, and price action that is diverging positive for Dollar bulls. The downward channel in USDJPY is clearly broken and it is clear that the the Yen is depreciating since January 13th when comparing the peaks and troughs. This is great for the pair, but the dollar is still in a downtrend and is likely to reverse here again in the near future and give a better entry. There is also big news this week from the BOJ and the FED that is likely to shape how the Yen and the USD behave in the following weeks. ***Being long/short the Yen pairs going through the BOJ meetings may be self-destructive if the meeting results are not up to standard. What I'd like to see - As mentioned before, this has been a slow predictable downtrend in the dollar. What I would like to see to signal a trend reversal would at least be a sharp flush to the downside followed by a sharp rejection and counter trend move. Whether that be to close the gap at 99 or not, we haven't seen this happen yet as it tends to happen before a trend reversal. The above is not investment advice for a real account, but my own trading journal that I am sharing. I am not a licensed professional and am not selling anything. Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose.
TVC:DXYShort
by hankle
1
Dollar Index update towards FOMC, NFP Last week the Dollar Index managed to hold its 100$ support zone. The 100$ zone includes structure, trend line and the Fast MA line (in weekly chart). It is also, obviously, an important psychological level. As long as DXY holds above 100$ I see two potential bullish scenarios: 1) Rally into nearest resistance (101.5-102$)to complete the right shoulder in a potential H&S 2) Rally above 102$ will probably send DXY towards the completion of a bearish Crab A close below 99.5$ and the breakdown of the trend line will send DXY to re-test the 200 days MA line (first target zone for bearish trades). Read more about DXY and more trading ideas in my weekly newsletter (link in signature below)
TVC:DXY
by themarketzone