dollar indexit can increase another 40% or a bit higher
then there will be another flat formation to the downside
this may complete the WXY correction pattern
DXY trade ideas
INDEX_DXY_4H🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸
hello
Analysis of short and medium term dollar index
The analysis style is based on Elliott waves.
The indicator is in an ascending wave, which is currently the big 3rd wave, which is again a downward correction wave as wave 4 and again the continuation of the ascending wave towards wave 5.
3 wave resistance 105.000
Support wave 4 number 103.300
5 wave resistance 106.600
DOLLAR INDEX (DXY): Bearish Decline from Key Resistance LevelI'm impressed with how the 📉 Dollar Index reacted to a key horizontal resistance level on the 4-hour chart.
Following this test, the index moved into a consolidation phase, forming a horizontal range. The breakdown below this range's support level has provided a clear bearish signal.
Now, we're observing a favorable retest of the broken structure, suggesting a likely continuation of the downward move. The target is set at 103.55.
DXY Is Going Down! Sell!
Here is our detailed technical review for DXY.
Time Frame: 1D
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The price is testing a key resistance 104.138.
Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 103.076 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
Like and subscribe and comment my ideas if you enjoy them!
Will the job data impair the US dollar gain?Macro theme:
- The dollar remained steady despite short-term volatility, reflecting mixed economic data. US Sep Retail Inventories and Oct Consumer Confidence exceeded forecasts, while Sep Job Openings fell short.
- Treasury yields reached multi-month highs early but declined following a strong seven-year auction.
- With the US job report—the last before the FOMC meeting—approaching, storms and strikes could complicate interpreting the data, introducing further uncertainty around the dollar’s direction.
Technical theme:
- DXY is consolidating in a small range at the top and looks stretched. This is vulnerable to a potential mean reversion. The price is trading away from both EMAs.
- If DXY extends its gain above the previous swing high at 104.60, the index may rise to 106.00 resistance.
- On the contrary, if DXY closes below 104.00 support, the index may decline to retest 103.45 support.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
DXY Trade Idea👀👉 The US Dollar Index (DXY) has retraced and showing signs of upward momentum. We are looking to buy on this 4H pullback. Disclaimer: This is not financial advice. Always do your own research and consult a licensed financial advisor before making any trading decisions.📊✅
DXY Descending Triangle PatternDXY is forming a descending triangle today signifying further downward momentum is likely. Take note of the lower highs and continued rejection at this same level of support. This shows a lower amount of buyers at each rejection. It is likely due to this, support will break unless new buyers come in to place.
DXY D1 - Short Signal DXY D1
Some large market gaps seen across US30 and US100, XAUUSD also gapping to the downside, trading as low as $2725/oz. DXY still remains below our area of resistance and supply, which trades at around 104.500 price. 105.000 would usually be a good technical psychological trading zone, that being said, there isn't much else on that price that would act as any real method of confluence for the moment.
Lets see what happens around this 104.500 price level, we have had a couple of days trading into that zone and a red engulfing candle close on that daily timeframe back on Thursday last week. Could we expect some dumps on DXY this week?
Ascending channel in USD may suggest upside breakout. Intraday Update: USD index is respecting the rising trend line which means that the 104.20 level is critical for bulls to hold, a break of the 104.56 level would be a bulls breakout as the trend line from the 2022 highs would be broken.
USDX: Trend in 4H time frameThe color levels are very accurate levels of support and resistance in different time frames, and we have to wait for their reaction in these areas.
So, Please pay special attention to the very accurate trend, colored levels, and you must know that SETUP is very sensitive.
BEST,
MT
DXY (US Dollar Index) Analysis Daily TimeframeDXY is currently sitting at a daily resistance level after a bullish run since last week.
we anticipate a potential move to the downside as the index shows signs of weakening, by creating a Doji candlestick, which indicates market indecision.
Remember: If the US Dollar Index turns bearish, EUR/USD and GBP/USD are likely to show bullish momentum.
Let's take a closer look at these pairs for potential buy setups.
Dollar index on the floor of the trading rangeAccording to the weekly chart of the dollar index and since tomorrow and next week we have important data such as unemployment claims, and also these data will probably strengthen the strength of the dollar, it is expected that the dollar index will rise to the middle of the trading range in the first step. .
😱 COLLAPSE OF THE DOLLAR 2022 - 2045 - END OF EMPIREHello ladies and gentlemen! I bring to your attention my very global view of the US dollar solely from the point of view of technical analysis, namely the Elliot wave theory.
The graph shows the projection of the missing waves in the impulse of the supercycle - I-II-III-IV-V, the impulse is fully completed and ended back in 1985.
In my opinion, from the point of view of technical analysis and the Elliot wave theory itself, a zigzag has been forming globally on the US dollar index in the corrective phase since 1985, with a triangle in wave-(b). The ultimate goal of this zigzag is a collapse of the dollar index by minus -80% from ATH.
Ultimately, the Fed will lose in the fight against inflation, after the triangle is fully formed, a descending impulse five will begin in wave-(c) of the zigzag, I believe around 2030 plus or minus the triangle will be broken down, this will be a distress signal and confirmation I'm right, from now on, save your savings, because after the dollar index finds a bottom in the region of 20-30 points, for 100 dollars you can only buy a roll of toilet paper. BRENT oil will be $300-400 per barrel, and gold $5,000-6,000 a troy ounce, and that's even better. Naturally, after this collapse, the dollar will lose its status as the world's main reserve currency, the economy will stagnate amid hyperinflation, it will be many times worse than the Great Depression, and the markets will remember this apocalypse for a long time.
After the collapse of the US dollar, a new world order will be established, there will be a new leader and a new major world reserve currency. I believe this will end the approximately 250 year dollar cycle and the US Dollar Index will never again update its ATH.
❌ This trade idea should be reconsidered if DXY exceeds the 121 level, which is unlikely in my opinion. In this case, it will definitely not be a triangle.
This is my purely personal author's opinion, whether you share it with me or not is your own business, always think with your own head - I wish you good luck!
Bear control...After three attempt to goes to touch the upper line of big channel, DXY made three bearish daily candlestick and now can correct to 103.
On my view, all pairs can strong against Us Dollar. JPY is one of the best choice to choose.
Trade safe.
Good luck.
2024 Intermarket AnalysisThis chart compares the performance of several key assets—Bitcoin (blue), Gold (yellow), the S&P 500 (red), the U.S. Dollar Index (green), and WTI Crude Oil (white)—over the past year. Here’s a breakdown of each asset’s performance and its potential implications:
Bitcoin (Blue) - Up 50.63%
Bitcoin has shown strong performance, with a notably higher volatility than the other assets. The cryptocurrency's rise, particularly in recent months, indicates strong demand and possibly a growing interest in Bitcoin as an alternative asset. Its uncorrelated behavior compared to traditional assets, such as the S&P 500 and Gold, highlights its appeal as a diversifying investment, especially during periods of macroeconomic uncertainty.
Gold (Yellow) - Up 32.47%
Gold has performed solidly, with a significant positive return, reflecting its status as a safe-haven asset. The increase in gold prices suggests that investors may be hedging against inflation, economic instability, or potential currency devaluation. Gold’s upward trend, coupled with its stability compared to Bitcoin, shows that it continues to be a reliable store of value.
S&P 500 (Red) - Up 22.46%
The S&P 500 is underperforming compared to other assets. This is influenced by economic slowdown concerns, investors potentially seeking alternative or defensive assets.
U.S. Dollar Index (Green) - Up 2.24%
The U.S. Dollar Index has shown mild growth, suggesting a stronger dollar relative to other currencies. This strength may stem from tighter monetary policy and interest rate hikes by the Federal Reserve. However, the dollar's relatively flat trajectory over time shows mixed reactions to broader economic conditions, with the currency acting as a moderate safe haven.
WTI Crude Oil (White) - Down 2.36%
WTI Crude Oil has seen a minor decline, with fluctuations reflecting supply-demand dynamics, geopolitical factors, and economic slowdown fears. The relative stability in oil prices compared to Bitcoin and equities might indicate a balanced market sentiment around energy demand and supply. However, as a crucial economic indicator, crude oil’s trend is essential to monitor for insights into broader economic activity.
Key Takeaways:
Risk Appetite vs. Safe Haven: Bitcoin and Gold have outperformed, possibly reflecting a flight to alternative and safe-haven assets amidst economic uncertainty.
Dollar's Stability: The U.S. Dollar has remained relatively stable, benefiting from its safe-haven status without extreme growth or decline.
Energy Market: Crude Oil’s moderate performance suggests mixed sentiment in global economic growth expectations.
This analysis indicates a preference for alternative investments like Bitcoin and Gold, It reflects investor caution amidst economic concerns, with the Dollar and Oil serving as more stable assets
DXY Potential UpsidesHey Traders, in today's trading session we are monitoring DXY for a buying opportunity around 104.250 zone, DXY is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 104.250 support and resistance area.
Trade safe, Joe.
Levels discussed on 28th October Livestream28th October
DXY: Retracing from top of 104.55, could trade down to 104.20 before retesting high again. Needs to stay above bullish trendline.
NZDUSD: Sell 0.5980 SL 25 TP 65 (Test and reject bearish trendline)
AUDUSD: Sell 0.6565 SL 20 TP 80
GBPUSD: Sell 1.30 SL 25 TP 90
EURUSD: Ranging between 1.0780 and 1.0840, could trade up in smaller timeframe
USDJPY: Retracing, could test 152.50, look for rejection, Buy 153.10 SL 50 TP 200
USDCHF: Buy 0.8705 SL 15 TP 45
USDCAD: Look for possible retrace and reaction at 1.3850
Gold: Likely to fluctuate between 2720 and 2747 while directional bias develops
Dollar indexHi traders in daily time-frame in dxy; we have an Engulf itself sign of market direction. Believe me!!
USDX-SELL strategy 3-DAILY CHARTThe index seems overdone and showing potential for a decline towards 101.00 area in the short- to medium-term. Elections are the key of courser.
Strategy SELL @ 104.10 - 104.50 and take profit @ 101.67 for now. SL based on your own risk appetite.
Levels discussed on Livestream 30th October30th October
DXY: Look to break 104.20 and 61.8%, to trade down to 104 and 103.80
NZDUSD: Buy 0.5990 SL 20 TP 60 (Counter Trend)
AUDUSD: Sell 0.6580 SL 20 TP 50 (Bearish Channel)
GBPUSD: Sell 1.2960 SL 25 TP 50 (Break trendline0
EURUSD: Buy 1.0845 SL 20 TP 55 (Hesitation at 1.0870)
USDJPY: Ranging between 152.70 and 153.86 (looking for breakout potential)
USDCHF: Sell 0.8690 SL 15 TP 35
USDCAD: Sell 1.3875 SL 30 TP 60
Gold: Could retrace to 2770, look for rejection and buying opportunities
Bullish Dollar index.Dollar index for buys, after breakout and retest of higher timeframe trendline and resistance turned support zone.
