Dxyidea
DXY top-down analysisHello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
Dollar DXY Pre-FOMC Short!
Overview:
USD has The FOMC Fed Announcement this Wednesday March 16, which is cause for volatility (fundamentally) in currency paired with USD.
Looking analytically at DXY on Daily, price is ranging inside a Captioned Sell-Zone. Taking Bears approach due to Captioned-zone, a rejection to the downside is expected from Captioned-ceiling (99.179 | 99.091) through 98.565 for test, and possibly further rejection to the downside.
Failure to find Support at 98.294 | 98.105 zone should have DXY at Zone of interest.
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DXY HAS CREATED ITS GRAVE!DXY has been SKYROCKETING to the upside recently and im here to show you guys why thats a bad thing for DXY! In this chart, you can see that DXY has been in this downtrend channel since 2015. I know it looks like its breaking out of it but thats not the case since it also seemed like that in 2017 and 2020. Actually, this time its even quite possible to break the downtrend channel to the DOWNSIDE! DXY has created a BEARISH DIVERGANCE ON THE MONTHLY!! As you see the, the rsi is going above 2020 while DXY was higher in 2020 than now. That is called a bearish divergance. 2 scenarios can play out at this point: either DXY gets rejected by the downtrend channel or it goes up to 103 resistance like it did 2017 and 2020 and crash then. Crypto and stocks bullseason is on the verge!! If DXY breaks the downtrend channel to the downside, it will be a very huge bullmarket!
DXY-U.S. Dollar IndexThe weekly price chart below shows the U.S. Dollar Index printed a large bearish candlestick last week, establishing new lower resistance levels at 12215 and 12257 (the latter looking more reliable). This represents a bearish retracement following last week’s highest weekly close seen in 18 months. The price is also potentially supported by the support level at 12174.
If the support level at 12174 continues to hold, the long-term bullish trend will be likely to resume.
Overall, it seems clear we have a very bullish picture in the USD over the long and medium terms, so it will probably be wise to trade in the direction of long USD over the coming week, at least in the Forex market. In other markets, it is likely that the USD will not be a key driver of price movements.
_DXY forecast in new upcoming weekhello everyone, I hope you had enjoyed the weekend
as we know last week the Us dollar lose interest in the market and broke support at 95.58. now in the 4H time frame, the market has to test that old support (new resistance)
around that level, we have an inside bar and we have to wait for it to break down and then we have a 60% chance to rich to lower support as 95.14 and next 94.79
and I will be glad to share your opinion with me.
have a nice trading week and trade consciously.