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Overextended DXY: Preparing for a Bearish Correction This WeekThe U.S. Dollar Index (DXY) is showing signs of being overextended after last week’s rally, with the weekly ATR (Average True Range) sitting at 1.5 but last week’s price action extending to 2.5 ATR. This suggests the market has moved significantly beyond its usual range, increasing the probability of a short-term correction. While the higher time frames remain bullish, driven by strong economic fundamentals, I’m expecting a pullback in DXY as the market cools off from its extended move. This correction could present opportunities for bearish trades before resuming the broader uptrend.
TVC:DXYShort
by trader9224
DXY weekly forecastDXY : theres 2 Fibs drawn one is a 1H Fib drawn from the nearest high which is @ 103.450 the and the lowest low (99.900) .. the 4H Fib is taken from the next highest (104.800) high to the lowest low (99.900) on the 1H Fib this price is already approaching 78.6% retracement(103.450).. nearest support @ 61.8% of the 1H Fib and 38.2% of the 4H Fib (dynamic support at that point as well) while the 4H Fib is at 50% of its retracement(104.800) the different zones of the respective Fibs act as support and resistance zones as price increases in an ascending channel. strong NFP and other economic data released this week was better than expected suggesting more strength for $
TVC:DXYLong
by BigBadWolf47
The image shows a chart of the U.S. Dollar Index (DXY)The image shows a chart of the U.S. Dollar Index (DXY) on TradingView.com, as of October 6, 2024, at 05:38 UTC. The chart depicts the price movement of the DXY over a period of time, likely from August to October. The chart displays the DXY trading within a descending channel pattern. This pattern suggests potential bearish momentum in the U.S. dollar. The current price of the DXY is 102.487, which is an increase of +0.546 (+0.54%) from the previous period. The chart also indicates the presence of support and resistance levels, which traders may use to identify potential entry and exit points.
TVC:DXYShort
by laswaii4
The image shows a chart of the U.S. Dollar Index (DXY)The image shows a chart of the U.S. Dollar Index (DXY) on TradingView.com, as of October 6, 2024, at 05:38 UTC. The chart depicts the price movement of the DXY over a period of time, likely from August to October. The chart displays the DXY trading within a descending channel pattern. This pattern suggests potential bearish momentum in the U.S. dollar. The current price of the DXY is 102.487, which is an increase of +0.546 (+0.54%) from the previous period. The chart also indicates the presence of support and resistance levels, which traders may use to identify potential entry and exit points.
TVC:DXYShort
by laswaii4
The direction likely set for usd to head higherHello fellow traders , my regular and new friends! Welcome and thanks for dropping by my post. USD broke up higher ,potentially already formed a double bounce...has been up the whole of last week...could likely see pullback before heading higher.for now up side bias for USD Do check out my recorded video (in trading ideas) for the week to have more explanation in place. Do Like and Boost if you have learnt something and enjoyed the content, thank you! -- Get the right tools and an experienced Guide, you WILL navigate your way out of this "Dangerous Jungle"! -- ********************************************************************* Disclaimers: The analysis shared through this channel are purely for educational and entertainment purposes only. They are by no means professional advice for individual/s to enter trades for investment or trading purposes. *********************************************************************
TVC:DXY
by Shadowing_The_Big_Boys
Retest Complete. Dollar Should Continue Down Again.There's that retest to the underside of my pink line that I was previously expecting. As you all know from last weeks video, I was a bit surprised we didn't get it at the time I was making the video. Well, better late than never. This is a perfect retest. Though, the dollar could hover on the underside for a few more days, I expect that by mid-October you'll see the trend continuation down as we head for that very important, very old trend line coming all the way back from Orwell's 1984. Blow-off top in the U.S. stock market should continue until then. If so, crypto will follow.
TVC:DXYShort
by stewdamus
USD Falling Wedge Break - Working Strongest Week Since Sept. 22The US Dollar has started Q4 much differently than how most of Q3 had went. I looked at the stalling in DXY multiple times last month as sellers seemingly had an open door to run with prints of fresh yearly lows. Yet - they were constantly thwarted. The USD even tried to set another fresh low to start this week, with Monday being the final day of Q3 trade but, again, bulls held price at a higher-low. That then led to a strong five-day rally that's still running after this morning's release of Non-farm Payrolls. Rate cuts are getting priced-out of the market as we now have the first rise in yoy Core PCE in more than a year, and a really strong NFP report. This has so far amounted to the strongest weekly outing in the Greenback since Sept of 2022, before the currency had topped. Notably - that turn was very much driven by the European Central Bank coming to the table with 75 bp hikes. That doesn't seem as though it's a realistic possibility at this point. - js
TVC:DXY
by FOREXcom