Get started

Dxyidea

DXY Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of DXY (Monthly, Weekly, Daily for direction) for Week 45 - 02 Nov M > Price dropped till monthly support, faced rejection and started bullish move. After a huge bearish dump we expect price to retrace for correction till at least 0.382 Fib level on month bearish impulse. Price is yet to reach this level. We can also an M formation, its neck coincides with 0.5 Fib level on monthly bearish impulse. W > After rejection from monthly support price moved up till 0.5 Fib level on weekly bearish impulse and dropped again and faced rejection at weekly support. If we switch to line chart we can see a W formation. D > With its current rise price has broken daily support as well was downward resistance trend-line. As per COT DXY saw addition of both Long and Short positions, bettering net positions (though still in -ve). DXY was weak during the said week however it gained strength last week. In past few weeks DXY has improved its net positions, from -9K to -1.2K now. We can expect further strengthening of DXY. 4H > We get lot of clarity in 4H timeframe. We can see price dropping to test neck of W formation that we saw in W chart. We can also see price stopping for a pull back after breaking the downward resistance trend-line. During the pull back price has tested the trend-line as support before continuing with upward move. Market closed with price retracing to test resistance as support. We can now expect price to continue with its bullish move to test 0.5 Fib level again on W chart. If price manages to break this target to the upside then we will have monthly 0.382 Fib level as next target. Hence can expect all USD pairs, Gold and Silver to weaken. Thank You AP17FX
TVC:DXYLong
by AP17FX
DXY 200 points run has completed 92.75 to 94.75DXY After the 200 point run from 92.75 to 94.75 its gave back some of the earlier gains. And reached 94.16 today. And reached the downside trend line which is drawn from September 09 low 92.70 We have observed that DXY tend to move from 92.75 93.75 94.75 levels in upcoming days will update about the market reaction from this levels After reaching the 50% Fibonacci retracement level its started to slowing down. I think today bearish run is a short term correction. If the trend line got broken then the downside target would be 94.00 comes around 61.8% Fibonacci level and key psychological level. 94.00 is acted as resistance for DXY Since July 28 and the level is broken on 22 September and stayed above this level If the DXY is remain well above 94.00 means the bull is still have a major control here. Negative risk sentiment causes USD,JPY to rise thus DXY got some major boost and in recent days the equity markets around the world seen some kind of September selloff. The investors remain worrying about second wave of COVID-19 infections and the Possibilities of No deal BREXIT and the upcoming United states of America presidential election Today weak momentum in USD is caused by the relative strength of GBP and CAD though its contributed meager amount in basket of currencies against greenback. Today XTIUSD also got some major bid as tits traded well above the 40.00 level. And the equities are starting the week with solid gains thus its makes the USD less attractive Currently DXY is trading below the 50 Exponential moving average and above 100,200 EMA On Elliot wave theory The minor waves are completed from 92.75 to 94.75 and currently its forming a minor ABC correction waves. After the completion of c wave we can expect another 1-5 wave formation DXY has reached the lower region of the Bollinger bands and we can expect minor rebound from this level. If the price got some major rejection around 94.60 then it will form a clear Head and shoulder pattern and selloff will happen RSI has reached oversold area and showing some signs of rebound towards 50 Give us a thumbs up if u like our work and do follow us
Editors' picks
TVC:DXYLong
by forexorbit
18