Dollar Index (DXY): Bullish Outlook For Next Week Explained 💵
Dollar Index was nicely rejected from a broken horizontal resistance.
Taking into consideration, that the market is trading in a bullish trend,
probabilities will be high that we will see a bullish trend continuation next week.
Next goal - 105.28
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Indexes
Dollar Index (DXY): More Growth is Expected 💵
Dollar Index broke and closed above a key daily resistance.
Such a violation will most likely trigger a further growth, because the market is trading in a bullish trend.
I believe that the market will reach 105.3 level soon.
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Dollar Index (DXY): Technical Outlook 💵
Dollar Index is currently trading between 2 important structures on a daily.
Depending on the reaction of the price to the underlined areas,
I see 2 potential scenarios.
If the price breaks and closes above 104.8 resistance,
I will expect a trend following movement at least to 105.5 level.
If the price violates 103.9 support and closes below,
a bearish movement will be anticipated to 103.0 level.
As always, breakout is your best confirmation. So wait patiently!
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Dollar Index (DXY): Important Key Levels to Watch 💵
Here is my latest structure analysis for Dollar Index.
Resistance 1: 105.00 - 105.10 area
Resistance 2: 105.68 - 105.88 area
Support 1: 104.28 - 104.7 area
Support 2: 102.60 - 103.10 area
Support 3: 101.75 - 102.00 area
Support 4: 100.55 - 100.68 area
Support 5: 99.57 - 99.75 area
Consider these structures for pullback/breakout trading.
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Dow Jones Index (US30): Structure Analysis & Key Levels
Here is my latest structure analysis for Dow Jones Index.
Resistance 1: 35000 - 35150 area
Resistance 2: 35480 - 35570 area
Resistance 3: 35620 - 35690 area
Support 1: 34490 - 34690 area
Support 2: 34020 - 34100 area
Consider these structures for pullback/breakout trading.
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Dollar Index (DXY): Important Key Levels to Watch 💵
Here is my latest structure analysis for Dollar Index.
Horizontal Key Levels
Resistance 1: 104.3 - 104.7 area
Resistance 2: 105.7 - 105.9 area
Support 1: 102.6 - 103.3 area
Support 2: 101.7 - 102.0 area
Support 3: 100.5 - 100.7 area
Support 4: 99.5 - 99.8 area
Vertical Key Levels
Vertical Support 1: Rising trend line
Consider these structures for pullback/breakout trading.
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Dollar Index (DXY): Important Resistance Ahead 💰
Dollar Index is currently testing a solid key daily resistance.
To catch a bearish wave from that, watch a major rising trend line.
Its breakout - daily candle close below will be a strong bearish signal.
A bearish continuation will be expected at least to 103.3 level then.
Alternatively, a bullish breakout of the underlined blue are will push the prices higher.
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Dollar Index (DXY): Important Update Ahead of Powell Speech 💸
Dollar Index is in a strong bullish rally since the middle of July.
However, to me, the market looks very overbought.
On a 4H time frame, we see the so-called Exhaustion Gap.
It usually appear at the end of the bullish move and signifies the
last attempt of the buyers to push the prices higher.
I believe that probabilities are high that the gap will be filled soon.
Of course, do not forget that we are expecting Powell Speech 10 am NY time.
It can affect the Dollar related instruments dramatically, so be careful.
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NASDAQ INDEX (US100): Your Trading Plan
US100 is currently testing a solid horizontal resistance.
The formation of a doji candle on that indicates a local equilibrium between
buying and selling volumes.
To sell the underlined structure with a confirmation,
monitor 4H time frame
The index formed a double top pattern there and consolidates.
Bearish breakout of 14880 neckline and a 4H candle close below that,
will be a strong bearish signal.
Goals will be 14760 / 14680.
Alternatively, a new higher high higher close on a 4H will invalidate the setup.
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Dow Jones (US30): Bullish Move From Key Level Explained
Dow Jones Index is trading in a bullish trend.
After the price set a new higher high on a daily, it retraced to a key daily structure support.
A doji candle was formed on that.
Analyzing a 4H time frame, we can spot a confirmed bullish breakout of a resistance line of a falling channel and an inverted h&s pattern formation with a violated neckline.
These bullish clues make me think that the price may bounce.
Goals will be 34820 / 35050
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S&P 500 Daily Chart Analysis For Week of August 18, 2023Technical Analysis and Outlook:
This week, the Spooz index finalized its down move by completing the Inner Index Dip 0f 4340. However, a strong rebound is possible with Mean Res 4460 as a primary target. On the downside, price action might churn about the completed Inner Index Dip 4340 and Mean Sup 4330 before taking off to the upside. Notwithstanding, if all fails, the market will take us to the Next designated target of Inner Index Dip 4212.
Dow Jones Index (US30): Another Bearish Patter
We have already spotted earlier a bearish reversal on US30.
After some consolidation, the market leaves one more bearish clue:
the price formed a big double top pattern formation on a daily.
Its neckline was broken this week.
The index may keep falling to 34600 support.
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S&P500 INDEX (SPY): Your Trading Plan
S&P500 Index is currently testing a key daily structure support.
To buy the market with a confirmation, watch a double bottom pattern on 4H time frame.
4487 level is the upper boundary of its neckline.
If the price breaks and closes above that on a 4H, it will be a strong bullish signal.
A bullish movement will be expected 4517 level then.
Alternatively, if the price sets a new lower low on a 4H, the setup will become invalid.
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S&P500 INDEX (US500): Bearish Pattern & Pullback
S&P500 Index formed a head and shoulders pattern on a daily time frame,
trading in a bullish trend.
The breakout of the neckline of the pattern signifies the local exhaustion of the
buyers and highly probable coming correctional movement.
I expect a bearish movement at least to 4465
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Continental CON Long term bullish cycleOur probability indicator has observed Long Term BOS (Break-of-Structure) on Daily TF.
Essentially what that means is that we closing in on bearish cycle for XETR:CON and new bullish leg is forming for longterm continuation of new bullish cycle.
We expect further bearish correction to 68.30 - 64.80 zone ( Current Inverse H&S pattern support zone ) where conditions for perfect LONG entry occur.
Take-Profit should be set within High resistance zone 114.50 - 139.30
Dow Jones Index (US30): Potential Bearish Movement Explained
Dow Jones is currently ranging.
The market is stuck within a wide intraday range.
Testing the upper boundary of the range, the market was rejected heavily
and the price broke and closed below a support line of a rising channel.
We see its retest now.
I expect a bearish continuation to the support of the range - 35300
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MarketBreakdown | Dollar Index, USDCAD, US30 Index, GBPJPY
Here are the updates & outlook for multiple instruments in my watchlist.
1️⃣ Dollar Index (DXY) daily time frame 💲
After a test of a key daily structure resistance, we see a positive bearish reaction from that.
It looks like the Index will keep retracing to lower levels.
2️⃣USDCAD daily time frame 🇺🇸🇨🇦
The market is currently approaching the neckline of an ascending triangle formation.
Following the local weakness of a greenback, the pair may drop one more time from
the underline horizontal line to a rising trend lien.
3️⃣ US30 Index weekly time frame
The index reached a key weekly structure resistance.
Strong rejection on a daily time frame signifies a local overbought state of the market.
I will expect a pullback from the underlined level.
4️⃣ GBPJPY daily time frame 🇬🇧 🇯🇵
The pair successfully violated a key daily horizontal structure support.
The broken structure turned into a resistance now.
The market will most likely keep falling to lower levels soon.
Do you agree with my market breakdown?
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