MORE DOWNSIDE FOR THE DOLLAR?The United States Dollar continued its ascend earlier on the week but reverses from the 103.225 support region back towards the resistance zone at 104.085 region before heading lower again.
The reversal of the resistance region at 104.085 can potentially lead the Dollar towards the key support region at the 102.25 region. However, if price managed to trade above 104.085, the Dollar can potentially trades back towards the recent high at 105 region.
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DX1! Weekly Technical AnalysisDX1! Weekly - No RECOMMENDATION or ADVICE Status / EDUCATIONAL only - Support, Resistance, Confluence, Cluster, Fibonacci, Pitchfork , Cup and Handle - Hope it Helps, Good Luck
DISCLAIMER - This communication is not trading or investment advice, recommendation or solicitation to buy, sell or hold any investment product is provided for informational, educational and research purposes only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The author or persons involved in the conception, production and distribution of this material cannot be held responsible for transactions or any financial loss or damages resulting directly or indirectly from the use or application of any concepts or information contained in or derived from this material. Past performance is not indicative of future results. Any person who chooses to use this information as a basis for their trading assumes all the liability and risk for themselves.
US Dollar and Crude Oil Euro UpdateHey Traders so today wanted to give quick update on these charts. US Dollar still showing signs of strength and Crude Oil is now back in downtrend in my opinion. Keep in mind that all these technical developments can change daily. But I believe you only have to check it once a day when the market closes to see the long term trend. I think if you see a bottom or top formation on the daily charts normally it is accuarate because it takes the market time to carve out these long term formations. Of course always keep in mind fundamentals can alter these techincal analysis formations also.
Enjoy!
Trade Well,
Clifford
DX1! Daily Technical AnalysisDX1! Daily - No RECOMMENDATION or ADVICE Status / EDUCATIONAL only - Support, Resistance, Trend Lines , Parallel Channels, Confluences, Fibonacci, Pitchfork, Cup and Handle - Hope it Helps, Good Luck
DISCLAIMER - This communication is not trading or investment advice, recommendation or solicitation to buy, sell or hold any investment product is provided for informational, educational and research purposes only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The author or persons involved in the conception, production and distribution of this material cannot be held responsible for transactions or any financial loss or damages resulting directly or indirectly from the use or application of any concepts or information contained in or derived from this material. Past performance is not indicative of future results. Any person who chooses to use this information as a basis for their trading assumes all the liability and risk for themselves.
Dollar set to fall towards next level of supportAlthough the United States Dollar Index reached higher earlier last week, price fell back to consolidation zone, at the 103.65 support region.
Re-emphasis on that a breakout confirmation of the 103.65 support could indicate a further movement towards the 102.75 support region. (happened earlier on night session)
USD at choke pointFor most of 2022, the USD rallied bullishly and pulled back in the last quarter of 2022, falling as 2023 unfolded. Recent weeks saw some recovery in the USD but it failed the 23EMA. The devil in the details show that there is a Dark Cloud Cover candlestick pattern , which bodes ominously for the USD in the following weeks. Noted that the close had to be below 104.495, and the week candle closed just below at 104.490, thus qualifying a Dark Cloud Cover.
Having said that, the TD Sequential has the TDST support at 105.435, below which the primary trend is bearish. The following TD Buy Setup closed below and price still remained below despite a bounce.
Another note is that the Fibonacci 61.8% level is at 105.115, again forming another resistance to the USD for breakout.
Taken together, the USD is in a bad place with multiple resistances and appears to have failed these levels. The VolDIv shows a downward movement, albeit the MACD suggesting a short term upside.
Expecting the USD to fall in the coming weeks, maybe months to follow... watch 102 as a potential bounce area.
American airlines Silver trade3.9.23 The video explains what's going on with American Airlines... no time to talk about it here. However, we might have stumbled onto a long trade with silver and a small stop. There are some issues with it... the dxy is trading a little lower off the 382. If it continues doing this then there's a good chance that the silver will move higher. We didn't discuss how much higher, We are simply looking at a potential reversal pattern and if there's a trade we're able to have a small stop. I'm going to show you more reversal patterns, even ones that I'm not exactly comfortable with...Because I can't do 20 minutes videos to watch for the exact moment where it might be best to take the trade. I may not take a long trade it's over if I'm not doing a video.... but I might take a Long trade for silver if I were not doing the video. Right now I just want to get people in the ballpark so that they can make a decision for themselves.
Review of some trade outcomes3.8.23 The video speaks for itself... it's late at the time of this video. There was a review of the potential trade Earlier... and also some trades we could have easily taken that would have been profitable. I gave more detail on silver Which may go lower but can also find buyers.... the video should be fairly clear on this. Finally I took a look at the Dollar which is bullish with those signs of sellers yet even though I think it may end up making new lows... and so there is a conflict and I wanted to discuss when it becomes significant and change A general strategy. I think the video explains this fairly clearly... but it's up to you to decide if it makes sense or is relevant to you. As always we will go back and review it as time moves forward. There's a difference between Trading Probability and risk reward. We are looking at markets that are going to show us high probability trades but not necessarily good targets... and there will be certain other trades that have low probability, but if they work and we don't get stopped out they will give a much bigger reward. We may have a chance of seeing that in some of the markets we're looking at today although we probably won't really see the difference until the markets play out. A picture is worth a thousand words.
Dollar stalls at key resistance
As mentioned in our previous post, the United States Dollar Index will likely stall as price is at the major resistance level, which was exactly what happened last week.
If price were to break below the new 104.085 support, the Dollar may potentially fall towards the 102.75 support region.
DXY could become bullish after CPI USD broke out of the downward sloping line and is consolidating above it (bullish). I don’t see a reason for not visiting 105 if we get a disappointment on CPI today.
Alternatively, we could retest the descending line, but eventually I am expecting the USD to get to 105 anyway.
Has the US Dollar just Bottomed?Hey Traders so today it looks like on the charts the US Dollar could be forming a bottom. It's funny because in the last video I said crude and commodities could be bottoming. But in trading you should never get too bullish or bearish. Never look at the market from only one side because history shows markets are always changing. When we take a risk in my opinion the key is to try and find the right side of the market to be on. Well as of today I am no longer bullish on crude but I am now a US Dollar Bull because of what I have now just seen on the chart!
Enjoy!
Trade Well,
Clifford