Levels discussed on 22nd August22nd August
DXY: Needs to break 101.10 to trade down to 100.80 (strong support), could range between 100.80 and 101.60
NZDUSD: Buy 0.6170 SL 20 TP 45
AUDUSD: Looking for reaction at 0.68 resistance level
GBPUSD: Buy 1.3060 SL 30 TP 75
EURUSD: Buy 1.1100 SL 30 TP 60
USDJPY: Sell 144.40 SL 50 TP 100
USDCHF: Sell 0.8490 SL 20 TP 40
USDCAD: Sell 1.3570 SL 30 TP 45
Gold: Some upside potential to 2518, beyond that, could trade up to 2530 (ATH)
J-DXY
What Wall of Worry? Path of Least Resistance for NowI reviewed an interesting study Tuesday about V bottoms. Over 20 years of data showing the average "V Bottom" takes nearly 1 year to come back and get into positive territory.
The fact that all US Indexes and many stocks have done this in 10-15 trading trades is pretty remarkable. Will we more path of least resistance at all-time highs or will we see resistance actual hold for a beat.
All US Markets closing green today, Russell 2000 led the indexes today with +1.30%
DXY hitting fresh lows, but 101 and 100 are major technical support levels that I'm watching.
Review at your convenience. Thanks for watching!!!
DXY - somewhere in high time frame demand zone 101.700 - 100.600 is the demand zone on weekly time TF
price has pierce down in the demand zone to its mid's
the last 4 days of downfall was sharp that it has left only one resistance that could be noted on 103.250
what are the sign to start building long >>>
* just on the top of demand zone we have a daily bearish fvg marked (in red) if we have any coming day break that zone with one strong bullish candle will grab the confidence of the bulls
* meanwhile with 100.900 low could be sweeped or tested
* if that one candle breach that bearish fvg we likely see new daily Order block which will like fuel station to built one by one instead of putting full quality at once
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yellow line = prediction line
red zone = bearish fvg
green zone = high time frame demand
orange zone = time time frame supply
more updates will be done on the comment as per the action goes further
SasanSeifi| Mid-Term Bearish Outlook for Dollar Index! (5Day)Hey there, In the 5-day long-term timeframe, the TVC:DXY faced a correction from the supply zone around $106.500. After some minor fluctuations within this range, the price, failing to stabilize above the $106 level, encountered a renewed downtrend from the bearish order block. Currently, a strong bearish momentum is observed, and the midterm outlook remains predominantly bearish.
It is expected that, in the midterm timeframe, the price will move toward the identified demand zone, with a potential decline to the corrective target around $99 to $98.73, especially after breaking the $100.600 to $100 range. Once this area is reached, there is a possibility of a positive price reaction. To better understand the future movement of the Dollar Index, it's crucial to closely monitor how the price reacts to these corrective targets. However, if the downtrend continues and the $98 level is breached, and the price stabilizes below it, the next corrective target could be around $97.50 to $96.
To better understand the future movement of the Dollar Index, it's essential to keep a close watch on how the price reacts to these corrective targets.
💢 Please remember that this is just my personal viewpoint and should not be taken as investment advice. I’d love to hear your thoughts and share opinions!
Happy trading!✌😎
Sure, if you have any more questions or need further clarification, feel free to ask. I'm here to help!✌
GOLD SHORT TO $1,964 (4H UPDATE):Our Gold short analysis is moving as predicted. Buyers tapped into our supply zone, peaked at a high of $2,532 & has now melted back down 300 PIPS so far! 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🚀
Personally, I did not manage to get into this sell position as I was away from the charts & busy. But I will look for a re-entry on the smaller TF's if markets present an opportunity.
DXY Is Bullish! Buy!
Take a look at our analysis for DXY.
Time Frame: 9h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is trading around a solid horizontal structure 101.503.
The above observations make me that the market will inevitably achieve 102.220 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
Like and subscribe and comment my ideas if you enjoy them!
Levels discussed on Livestream 21st August21st August
DXY: Look for retracement to complete, continuation of the downside, below 101.30 could trade down to 100.80 (hesitation at 101.10)
NZDUSD: Buy 0.6170 SL 20 TP 45
AUDUSD: Looking for reaction at 0.68 resistance level
GBPUSD: Buy 1.3055 SL 40 TP 80
EURUSD: Buy 1.1150 SL 30 TP 100 (hesitation at 1.12)
USDJPY: Wait for retracement to complete before continuation to downside.
USDCHF: Sell 0.85450 SL 20 TP 40
USDCAD: Buy 1.3650 SL 20 TP 40
Gold: Below 2500 could trade lower to retest 2480 support, look for reaction there.
GOLD → Traders consolidate ahead of news...FX:XAUUSD is forming a trading range. The emphasis is on 2531 - 2485. On the background of profit-taking, before the news, the price may test the support before further growth.
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The fundamental environment is the same: tensions in the Middle East and focus on Powell's comments on Wednesday and Friday.
Today it is worth paying attention to the FOMC meeting, which will take place at 18:00 GMT. People are not interested in the rate cut itself, but in hints, comments and statistics.
Technically, the global bullish trend continues, but before the news traders are not ready to take any important actions to continue the trend. On the background of profit-taking or manipulation, the price may come down to liquidity zones before further rise.
Resistance levels: 2510, 2525, 2530
Support levels: 2495, 2488
The focus of his trading strategy is to build a bullish trend, which is still dominating the gold market. But, it is worth paying attention to the news.
Regards R. Linda!
Dollar could be trapped within huge consolidationMarket corrections are tricky and in this post you can see why.
Dollar index weekly chart shows signs of large sideways consolidation (aka flat correction, range) after a strong drop marked with the orange down arrow 1.
This consolidation passed halfway as we can see all first moves are completed.
The first major yellow counter-move is done; it will be connected with the last yellow upmove through two white and two red counter-moves.
Why corrections are tricky? Because they last longer than many think, usually longer than the preceding move. Currently, first legs took the same time as the whole first orange leg down, therefore it will take almost same amount of time furthermore.
After completion, the second orange leg down could resume to hit $93 (orange leg 1 = orange leg 2) or even lower to retest the valley of Y2021 at 89.6
Is the USD selloff too aggressive? Bond yields suggest soTraders continue to sell the US dollar in anticipation of a dovish speech from Jerome Powell on Friday. To the point where we wonder if this could be a case off "sell the rumour, buy the fact". Matt Simpson takes a quick look at the USD dollar index and bond yields.
DXY => Recession Risks and Potential UpsidesHey Traders, in tomorrow's trading session we are monitoring DXY for a buying opportunity around 102.150 zone, DXY is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 102.150 support and resistance area.
Trade safe, Joe.
DXY just printed 3 red soldier pattern on the 1day chart3 red soldiers, also known as 3 black crows, is when the price action forms 3 candles in a row of similar body length with very small wicks on both ends of those candles. This usual signals that there is more downside to come. We can also see here that we have now closed to full candle bodies below the ascending channel for the first time. The measured move breakdown target from the channel is at $96. I would not be surprised if we saw a dead cat bounce back up to retest the bottom trendline of that channel as solidified resistance before the full breakdown Also of note is the 200 weekly moving average (not shown here) is currently around 100.25 so that could provide at least temporary support before it reaches the full breakdown target of the channel. *not financial advice*
Bearish Intraday Momentum in DXY: UPDATEUS released better than expected data and pushed the market up into the next resistance zone. one more chance for shorts but if 103.35 breaks its time to rethink the bearish bias
"DXY is showing bearish momentum in the intraday charts, with the price encountering resistance and struggling to maintain recent highs. The indicators reflect a downward trend, signaling potential weakness ahead. This setup could lead to further declines if the current momentum persists. Let’s keep a close eye on the developments!"
Gold Bullish to $2,514 (1HR TF)This 1HR chart is a lead on from my 12H and 4H analysis which I have already posted.
As this is the final wave (Wave 5) marking the end of the CURRENT bullish cycle, before a temporary retracement occurs, it's likely this final phase will play out very slowly, in order to trap in early sellers and shake them out.
DXY is under 102.00 what now?(08/20/2024)DXY finally hit our target under the 102.00 zone.
Since 1 August, DXY has dropped continuously. Right now we are looking for a reversal pattern near the 101.4-101.8 zone.
our view has been negated if the price breaks below the 100.650.
Our technical view has been shown in the chart.
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Thanks For Reading
Team Fortuna
-RC
(Disclaimer: Published ideas and other Contents on this page are for educational purposes and do not include a financial recommendation. Trading is Risky, so before any action do your research.)