Weaker DollarAs The Employment Data This Month was Really Bad, and The Fed is Likely to Cut Interest Rates in September. its Looking Bearish for the Dollar,
Dyxshort
DXY (USD Index) BearishDXY could not hold itself in resistance area and lost this area and suitable for short
SFP on DYXDYX just took the high of September 2002 and it looks like an SFP. this level is lining up with the 0.78 fib level. I am not saying that it will immediately reverse now and goes down but there is the possibility and we should look at that. I don't actually short DYX right now because of the fundamentals and positive data that comes out of the American market but there is the setup. the confirmation of this idea is changing MS in DXY which hasn't happened yet. I use this index as a confluence to my bias about how this could affect other markets. DYX goes up, legacy market and crypto go down. if DXY goes down the crypto and legacy market go up.
DXY Short Postion
TVC:DXY
From here we need confirmation and then we will go down to the support area.
Note: This is a good temporary opportunity for BTC and Gold .
DxyDxy is creating higher highs higher low. But last week it fail to make a new solid high . So i think Dxy buyers are lossing strength .
Price is near a supply zone from there i am waiting for rejections so i can enter sell with target 92.80 that is a demand zone.
