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DXY (Dollar index) Shorts down to 102.500While the overall trend for the dollar remains bullish, recent weeks have witnessed a notable increase in downward movement. This suggests a potential continuation of the bearish patterns, prompting me to seek pro-trend trades aligned with this recent bias. Notably, with the price already having mitigated a supply zone, an anticipated drop towards the target of 102.500 seems likely. The formation of Wyckoff accumulation signals a possible breakdown to surpass Asian lows. Additionally, considering that the price has left a demand zone at the projected target, we can expect a potential reaction in this zone. This reaction could potentially lead to the creation of new highs and a temporary bullish trend. Confluences for DXY Sells are as follows: - Dollar has tapped into a 17hr supply zone that has caused a BOS to the downside. - Theres liquidity to the downside in the form of Asian low and trendline liquidity. - Recent trend for this market has been temporarily bearish so this is a pro trend trade. - If price wants to continue going higher, there are unmitigated demand zones that price needs to come and fill. P.S Although the price has established a new bearish trend, it's possible that this is a strategic move to eliminate the trendline liquidity lingering from previous bullish rallies. Given the overall bullish sentiment on the higher time frame, it wouldn't be unexpected to witness the dollar initiating a new trend to achieve fresh highs.
CAPITALCOM:DXYShort
by Hassan_fx
1
75: DXY's Reclaimed 102.6: Eyes on Long Positions around 102.4Greetings, traders! 📊📈 A new chapter is unfolding in the world of the DXY (US Dollar Index) as it resurfaces above the 102.6 mark. This resurgence has ignited discussions about potential long opportunities near the 102.4 region, presenting an intriguing prospect for those closely monitoring this market movement. 🔀 Shift in Dynamics: With the 102.6 level now back in play, the landscape is shifting. This pivotal juncture, now functioning as a support-turned-resistance, signals a renewed bullish sentiment. Coupled with the proximity to the 102.4 zone, previously holding as a support, the stage seems set for potential long positions to come into play. 📉 Analyzing the Context: For those considering a long play, it's essential to stay attentive to the prospect of a pullback toward the 102.4 area. This could be an opportune entry point, especially if accompanied by encouraging bullish confirmations such as robust candlestick patterns or indicators signaling an upward trajectory. 🎯 Strategizing for Profits and Risks: As you craft your long strategy, mapping out profit targets around significant resistance levels or recent highs is prudent. Pair these targets with a well-placed stop-loss, likely positioned below the 102.2 level, to mitigate risk and cushion against potential adverse market movements. 📆 Event Sensitivity: Maintain vigilance over forthcoming economic events or announcements that might sway the DXY's course. These factors, combined with the broader market sentiment, can play a pivotal role in shaping the outcome of your long-trade scenario. 🚧 Ready for Contingencies: In the unpredictable realm of trading, having a contingency plan is a must. Should the DXY falter and dip beneath the 102.4 support, being prepared to reassess and recalibrate your trading approach is crucial. 📖 Unending Learning Journey: Remember, the path of a trader is one of perpetual learning and adaptation. Take advantage of this opportunity to refine your technical analysis skills and deepen your grasp of market intricacies. Disclaimer: This post is intended for educational purposes only and should not be construed as financial advice. Always conduct thorough research and seek guidance from financial professionals before executing any trading decisions. Wishing you all success on your trading endeavors! 🚀📈📊
TVC:DXYLong
by Soldi75
DXY doesn't look too happy below 100Last week the US dollar index (DXY) closed at a 15-month low and beneath 100 for the first time since April 2022. Yet subsequent price action has seen a lack of conviction form bears, allowing prices to form a double bottom just above the March 2022 high and close with a Spinning Top doji yesterday. Given US yields are showing signs of stability (and hinting at a move higher themselves), it seems reasonable that the US dollar is due a corrective bounce over the near-term which brings 100.5 and the April low into focus for bulls. A break beneath the March 2022 high invalidates the bearish bias, but this could be raised to the recent swing lows if we see a decent break (or daily close above) 100.
TVC:US02YLong
by CityIndex