USDOLLAR aka DJGday Guys. It's Friday.
Today we analyze USDOLLAR Index. The main reason we analyzing this pair, because we would like to know the current condition of USD Currency performance.
We see on the USDOLLAR or DJ at the moment, it was created an Extreme Demand Zone (EDZ) on May 10 at 11655. This the starting point bullish trend slowly build-up which is we getting confirmation that EDZ was tested and rejected three times on May 18, 21 & 25 at 11659. From here we getting more confirmation of the bullish trend.
Zoom in to Hourly Timeframe, We see a choppy Range EDZ at 11674 and ESZ at 11756 but clearly showing that bullish trend still in control. Currently, the price was inside of the LRZ, and the price movement creating a beautiful HiLow market structure.
What we projecting here is, the price will continue bullish which is the first target will be 11723 at MRZ, the next 11742 at URZ, and the Third at 11761 ESZ.
If this happens, most likely USD getting stronger and stronger. Based on recent NFP, fundamentally data release May data higher than April data. Here we able to see that the US economy is improving slowly.
If the USD gets stronger what gonna happen with XAUUSD, GBPUSD, EURUSD, USDJPY, USDCHF, USDCAD, AUDUSD, NZDUSD?
Let's see what happens next. Cheers
* Educational and Learning purposes only. No Buy/Sell recommendation. This is not investment advice.
