J-DXY
GOLD SHORT TO $1,964 (4H UPDATE):Gold once again pushed back up into our supply zone, giving us a second chance to enter sell positions if we missed out the first time & this time I got into sells! Our Gold short analysis is down 300 PIPS in profit, since rejecting our supply zone. Beautiful move to the downside!
This is only the START OF THE CORRECTION, before Gold allows us to buy it back at a cheaper price & target new high's in the market🚀
BTC-DXYI checked the BTC to DXY chart
It should be said, is it time for high-risk markets to enter their secondary bull market and once again all the people of the world stare at themselves with their champs, especially in the altcoins sector?
I say yes, the next few will prove that the beginning of this process is taking shape...
Dollar Index Breakdown - Is the Decline Set to Continue? 🤔📉 Dollar Index Breakdown - Is the Decline Set to Continue? 🧐💵
Hey traders, it's time to revisit the Dollar Index (DXY)! We've had some fantastic trading opportunities in the past, especially with the short on USD/JPY, and now, things are getting even more interesting.
Despite the Federal Reserve holding off on rate cuts for now, the anticipation is building. Rate cuts seem to be on the horizon, which could have significant implications for the dollar's strength. But as always, I follow the charts, and they’re signaling something big.
🔍 Key Insights:
The 100.97 level is shaping up as new resistance for the DXY.
We could see a drop below the 100 mark, with a target range between 94.63 and 92.9.
Global factors, such as the BRICS nations' efforts to reduce dependence on the dollar, along with geopolitical and economic developments, are adding to the bearish sentiment.
With less than a 15% chance of intervention in the coming months, I’m eyeing another short on the dollar.
Stay tuned, as I’ll be covering EUR/USD and USD/JPY in my next posts. Don’t forget to check out Bitcoin—it’s shaping up to be the most intriguing asset on the market right now!
Let me know your thoughts in the comments.
One Love, The FXPROFESSOR 💙
Levels discussed on Livestream 28th August 28th August
DXY: Trading along 100.80, could trade lower to 100.55. If support level not broken, could range between 100.55 and 100.90
NZDUSD: Buy 0.6290 SL 20 T 70
AUDUSD: Looking for a break of resistance, Buy 0.6810 SL 20 TP 40
GBPUSD: Could trade up to 1.33, look for reaction at the strong resistance level.
EURUSD: Could range between 1.1160 and 1.12
USDJPY: Sell 144.25 SL 30 TP 75
USDCHF: Sell 0.8420 SL 30 TP 70
USDCAD: Sell 1.3445 SL 25 TP 80 (Hesitation at 1.34)
Gold: Above 2512 could trade up to 2525
Will EU CPI support a quick rebound of DXY?Macro theme:
- The dollar hovered near its lowest in over a year but downside momentum is fading as markets have already priced in Sep easing.
- A short-term rebound is possible if the EU CPI continues its downward trend this week.
Technical theme:
- DXY formed a small double-bottom pattern around 100.50 in the 4-hour chart and bounced up to retest its neckline, which is confluence with EMA21, indicating a potential trend shift.
- If DXY closes above its neckline around 100.90, the index may retrace further to retest the previous swing high around 101.60.
- Conversely, DXY may retest the bottoms again if it closes below 100.80.
ETH to follow the BTC Move?ETHUSD has been trading within the range of 2526 to 2826 since early August.
Currently, as BTCUSD spiked lower, it seems to have dragged ETHUSD down with it. (also likely due to the current recovery in strength on the DXY)
Similiar to the BTCUSD, there could be a brief consolidation/retracement on ETHUSD before a continuation lower to the 2300 price level.
However, if the price retraces back into the previous range, ETHUSD could again be stuck in the August range.
Could BTC Retest 55,000?BTCUSD has quickly reversed from the 65,000 resistance area, which was tested on Monday this week.
This move lower is not due to any major news but likely due to technical levels and its correlation with the DXY.
A recovery in strength on the DXY traditionally leads to downward pressure on risk assets like cryptocurrencies.
Today, the reversal broke through the 62,000 price level which coincides with the 23.6% Fibonacci retracement level.
Further downside can be anticipated with BTCUSD currently trading just under the 60,000 price level.
However, it is likely that the price could consolidate/retrace briefly before the continuation lower, with the next key support level at 55,000 (61.8% Fibonacci retracement level)
USD bears! Markets don't move in a straight line (forever)We stand back to admire the long-term chart of the US dollar index, and yes there could be further downside over the coming weeks. But a quick check on the daily timeframe makes us wary of jumping into an already well-established short, given potential support levels nearby and the fact everyone and their dogs seem to be bearish the dollar.
Rebound and reversal DXY. H4 27.08.2024Rebound and reversal DXY
The dollar index is moving according to the previous analysis
but it may still go lower with a false takeout and then a reversal
to a deep correction will start.
The area of 100.60-100.50 is still an important strategic support
but no one cancelled false bounces.
I expect a correction in autumn around 102 and will further refine.
Buy Gold (Xau/Usd) Bullish ChannelThe XAU/USD pair on the M30 timeframe presents a potential Buying opportunity due to a recent formation of well-defined Bullish Channel pattern. This suggests a shift in momentum towards the Upside in the coming Hours.
Key Points:
Buy Entry: Consider entering a Long position around the current price of 2511, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.
Target Levels:
1st Support – 2537
2nd Support – 2551
Stop-Loss: To manage risk, place a stop-loss order below 2499. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Your likes and comments are incredibly motivating and will encourage me to share more analysis with you.
Best Regards, KABHI FOREX TRADING
Thank you.
Levels discussed on 27th August Livestream27th August
DXY: consolidating along 100.80, needs to stay below 101.10 to maintain bearish sentiment, breaking 100.80 could trade down to 100.55
NZDUSD: Buy 0.6230 SL 20 TP 45
AUDUSD: Look for reaction at 0.68 (CPI Pending) Sell 0.6740 SL 25 TP 45 (Tomorrow)
GBPUSD: Buy 1.3225 SL 35 TP 70
EURUSD: Buy 1.1180 SL 25 TP 70
USDJPY: Wait for retracement to complete, before looking for selling potential. could retest 146
USDCHF: Nothing for now, look for reaction at 0.8445
USDCAD: Sell 1.3450 SL 20 TP 40
Gold: Could retest 2500, look for bounce to 2515
GOLD → The bull market is testing ATH. What to prepare for?FX:XAUUSD consolidates above 2508 and flies to the key resistance - the border of the range. High probability of a false breakdown and correction before the subsequent growth.
.
The lively price growth is based on the sustained weakness of the U.S. dollar after the “dovish” remarks of U.S. Federal Reserve Chairman Jerome Powell at a symposium in Jackson Hole on Friday: “the Fed's easing cycle will begin in September”. The hedge asset, meanwhile, is also benefiting from escalating geopolitical tensions in the Middle East
Focus on US durable goods orders data, which will be released later on Monday.
Technically, strong resistance will be difficult to pass the first time around. MM may test the imbalance zone of 2520 - 2510 before returning for another retest of 2531, the target of which could be a breakout and rise to 2550.
Resistance levels: 2531, 2550
Support levels: 2515, 2508
The global and local trends are bullish and the overall sentiment is clear. This tone is supported by the fundamental background from last Friday. Technically, the continuation of growth should be considered, as there are no prerequisites for a reversal or change of trend at the moment
Rate, share your opinion and questions, let's discuss what's going on with ★ FX:XAUUSD ;)
Regards R. Linda!
DXY Local Rebound Ahead! Buy!
Hello,Traders!
DXY was falling sharply
And was locally oversold
So now that it is already
Making a bullish rebound
From the horizontal support
Of 100.520 a further
Bullish correction is
To be expected
Buy!
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Check out other forecasts below too!
XAUUSD 26/8/24After calling another all-time high on gold last week, we were expecting more upside from this pair. Now, the one thing that shifts us toward a sell-side bias is the fact that we broke the last significant structural low that led to the new high. This indicates that a pullback is in progress, but with liquidity building above the significant high, the probability of further upside remains the most likely scenario. With this in mind, the level below the current price, where we reacted last week, is where we expect the price to come down and interact again. We also have a demand area below. If the price drops into this area, I will look for longs back toward the highs, potentially creating another new all-time high for gold. However, if we break below the trajectory level we’ve identified and pass the demand area we've marked, we’ll anticipate a deeper pullback, similar to what we projected on EUR/USD.
Using the same principles here, we have two points of interaction for potential upside moves, but for sell-side moves, we don’t yet have any areas to reference. If the price drops lower, new areas will be left behind, and we can begin to consider them. Until then, we are focusing solely on the upside areas. This aligns with our overall bias, supported by the daily timeframe, which is showing very strong moves to the upside. We do not expect this to change abruptly.
Trade safely, follow your plan, and stick to your risk management.