Dxyshort!!!!!!!!!!!!!
dxyso on the smaller time frame dxy created a double bottom im looking for a retest of a 5min ob and also if you look closely theres a fair value gap in that same area if that area holds we can see a bullish ny session for dxy most likely im still bearish dxy this is just a pull back for the next real move
dxy up or downa niceeeeee down move giving you direction on all the other dxy pairs but this dollar weakness could be coming to a pause as it approaches this key level
now with that being said it could just break down at this level and go fill that fair value gap and cause a nice up move for gold
we have to see how price develops here but it is a point of intrest everyone should be watching
EURUSD Long Play 26-10-22After a heavy few bullish days, I think we may see a retrace ( to the area marked on the chart ). However, for this afternoon's US session the rally may continue. The daily chart is still very bullish, the dollar is still bearish. We made need a healthy retrace to balance the price for further upside. My overall target for the next few weeks is 1.0250.
DXY Daily TA Cautiously BearishDXYUSD daily guidance is cautiously bearish. Recommended ratio: 15% DXY, 85% Cash.
* BOUNCE WATCH . DXY, US Treasuries and VIX are down while EURUSD, GBPUSD, JPYUSD, CNYUSD, Cryptos, Equities, Equity Futures and Commodities are up. US October Consumer Confidence dropped to 102.5 from 107.8 in September as consumers are beginning to expect economic decline in the short to medium term. Russia told the UN today about their fear of a Ukrainian 'dirty bomb' ploy to accuse Russia of using tactical nuclear warfare . This type of strategy was most recently used in the Crimea bridge explosion incident which Russia was quick to pin on Ukraine, it's based on a kind of Red Herring fallacy in relevance called Circumstantial Ad Hominem where one arguer claims that the other's personal situation or perceived benefit from advancing a conclusion means that it's the wrong conclusion. Key Upcoming Dates: US September New Home Sales at 10am EST 10/26 ; Alphabet Q3 Earnings and Microsoft Q1 Earnings 10/26; 20th and Final GDPNow US Q3 GDP estimate 10/26 ; US Q3 GDP First Estimate at 830am EST 10/27; Amazon Q3 and Apple Q4 Earnings 10/28; US September PCE Price Index at 8am 10/28; FOMC Statement at 2pm EST 11/02.*
Price is trending down and currently testing the 50 MA at ~$110.75 as support, the next support (minor) is at ~110. Parabolic SAR flips bullish at ~$113.90, this margin is mildly bullish at the moment. RSI is currently trending down at 45 and is on the verge of losing support of the uptrend line from July 2020 at 49 minor support, the next support is at 39.43. Stochastic remains bearish and is currently testing 9 support with no signs of trough formation. MACD remains bearish after breaking down below 0.65 support and is currently trending down at 0.34 with no signs of trough formation as it approaches 0.24 support. ADX is trending down at 17 with no signs of trough formation as Price is beginning to breakdown, this is neutral at the moment.
If Price is able to bounce here than it will likely retest ~$112 as resistance before potentially retesting the one-month-high of $114 as resistance . However, if Price breaks down below the 50 MA, it will likely retest $110 minor support . Mental SL: (two consecutive closes above) $112.
DXY Potential pullback and fall to supportWelcome back! Let me know your thoughts in the comments!
**DXY - Listen to video!
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Brian & Kenya Horton, BK Forex Academy