DXY trade ideas
Check the trend According to the behavior of the index in the current support range, possible scenarios have been identified.
As long as the index does not stabilize above the 61.8% level, the continuation of the downward trend is likely
Daily Technical Analysis of Gold,Currencies,and Indices 23/8/202
Daily Technical Analysis for Gold, Currencies, and Indices - 23/8/2024
Introduction
Welcome, I am Mohammed Qais Abdulghani, a financial markets expert. Today, Friday, August 23, I present to you my detailed outlook on the major currency pairs, commodities, and financial indices. This Friday is marked by significant economic data releases, including the speech of the Federal Reserve Chairman at the Jackson Hole Symposium and the New Home Sales Report. Recent U.S. data has been mixed, with an increase in jobless claims but a divergence in the manufacturing and services PMI indices. This divergence has supported a rise in the U.S. Dollar Index, which is testing the 10,500 level, though it remains under pressure.
USD Index (DXY) Analysis
The U.S. Dollar Index is attempting to rise and test the 10,500 level. However, remaining below this level, combined with bearish trend indicators, suggests a possible continuation of the downward trend targeting levels as low as 100. Statements from some Federal Reserve officials about the need to cut interest rates soon, coupled with a strong labor market and inflation nearing the target, could influence dollar movements. Technically, staying below the 10,500 level confirms the bearish scenario.
EUR/USD Analysis
The EUR/USD pair is showing some temporary corrective upswings, supported by mixed U.S. data and corrective gains in the U.S. Dollar Index. Staying below the previous close and the 1.1000 level could lead to further corrections. The GBP/USD pair, meanwhile, continues in a downward trend, indicating the likelihood of further declines.
GBP/USD Analysis
The GBP/USD pair remains in a positive trend as long as prices trade above the 1.30500 level. If prices can stay above this level, the pair may target 1.32500 in the upcoming trading sessions.
USD/JPY Analysis
The USD/JPY pair is attempting to hold above the 145 yen level, with corrective upswings possibly driving it toward 149 yen. The corrective bullish scenario will remain in place unless prices fall below 145 yen.
USD/CHF Analysis
The USD/CHF pair is trading under selling pressure, with prices continuing to stay below 0.87250, supporting the bearish scenario toward 0.85100.
AUD/USD Analysis
For the AUD/USD pair, remaining above 0.667 supports the bullish scenario, targeting 0.69. The bullish outlook will remain valid unless prices drop below 0.667.
NZD/USD Analysis
The NZD/USD pair is attempting to retest the 55-day moving average. If prices succeed in holding above the 0.600 level, we may see a new bullish wave targeting 0.63000.
USD/CAD Analysis
The USD/CAD pair is approaching a significant area near the 1.36 level. Staying above this level could offer the pair an opportunity to enter a bullish wave toward 1.37500. The bullish scenario will hold as long as prices do not fall below 1.36.
GBP/JPY Analysis
The GBP/JPY pair is attempting to return to the 196 yen level. If this level is successfully reclaimed, we may see a positive rise toward 208 yen. Similarly, the EUR/JPY pair is trying to achieve some positive movements.
EUR/JPY Analysis
The EUR/JPY pair is currently focused on the 55-day moving average. Regaining control of the bullish momentum will not be achieved until buying pressure returns to the 166 yen level.
EUR/GBP Analysis
The EUR/GBP pair is trading in a bearish trajectory, with prices continuing to stay below 0.85500. The bearish scenario targets 0.85 and 0.83 in the upcoming phase.
USD/TRY Analysis
The USD/TRY pair continues its upward trend, targeting levels of 34.50 and 35 lira in the medium term, supported by rising prices above the 33.50 lira level.
Bitcoin vs. USD Analysis
Bitcoin continues to move within a positive scenario, attempting to break the 60,000 level. If this breakout is successful, prices could rise to 68,000 and 75,000. The positive scenario will be nullified if prices fall below 60,000.
Ethereum vs. USD Analysis
Ethereum continues to trade under selling pressure, with expectations of a decline toward 2,000 if prices remain below 2,800.
Ripple vs. USD Analysis
Ripple maintains its gains, with prices remaining above 55 cents, supporting the potential rise toward 75 cents.
Gold Analysis
Gold remains in an uptrend as long as prices trade above the 2,460 level per ounce. Current economic expectations suggest a possible interest rate cut, which could support gold prices in the medium term. Breaking the 2,460 support level will indicate a potential trend reversal.
Oil Analysis
Crude oil remains under selling pressure, with further declines expected if prices do not break the 73 level per barrel. A successful breakout above this level could push oil prices toward 77 per barrel.
Silver Analysis
If silver fails to hold the support level at 29, we may see a decline toward 27.5 in the short term.
Natural Gas Analysis
The analysis of natural gas suggests difficulty in maintaining the support level at 2.20, potentially leading to further price declines toward 1.56.
Dow Jones Analysis
The Dow Jones Index failed to break the resistance level at 41,000 points, indicating a possible correction toward the 40,000 level in the medium term.
S&P 500 Analysis
A drop in the S&P 500 below the support level at 5,500 points could lead to further declines in the future.
Nasdaq 100 Analysis
The Nasdaq 100 may face corrective moves if it fails to exceed the 20,000 level, potentially retesting 19,250.
Russell 2000 Analysis
The Russell 2000 Index remains stable above 225 points, with any declines considered natural corrections.
FTSE Analysis
The FTSE Index continues its positive trend, but failure to break the 8,300 level could lead to a correction toward 8,150.
DAX Analysis
The DAX Index in Germany remains in a positive direction, with a continuation of the uptrend expected only after surpassing 18,650.
CAC Analysis
The CAC Index in France failing to break the 7,600 level may lead to a correction toward 7,200.
Nikkei Analysis
The Nikkei Index in Japan maintains its gains above 37,000 points, with the potential for a rise toward 41,000 and 44,000 in the medium term.idated if prices break below the 37,000 point level, leading to deep corrective sell-offs.
Inverse H&S I see an inverse head & shoulders on the USDX and EUR has a head & shoulders. Watching to see if this plays out!!
DXY is set for a bounce from down hereStrong theme to my analysis just now around US dollar. I think it should bounce from down here and generally feel as though all other majors have rallied to hard against it of the last week. Today might be volatile and it the DXY may flush lower but I don't dollar weakness will be sustained much longer.
The overwhelming fundamental driving the weakness seems to be rate cuts. I don't think the Fed will do more than 25 basis points in September and so once that's clarified I think the narrative might shift to issues and rate cuts needed in other parts of the world.
Can Mr $$ reach the golden pocket!!!Interesting where the POC sits at the golden pocket of the whole move!!
Elliott Wave View on US DollarThe US Dollar continued to trade lower this month, i'm more favoring the alt count and the idea that triangle is complete at the moment. Both counts suggest a similar scenario in the longer run, so will remain bearish for now. #elliottwave #dollar #trading
Why I am getting very Cautious trading Long - Gold / Precious M
USDX has really fallen off a cliff this week & this lowering of the USD has been supportive of Gold & all at a time when Gold has been bided up a bit too much & making the Gold price overbought on the Stochastic's higher-time-frames.
With USDX and the Gold-price having an inverse relationship, my chart shows just how much the USD has been oversold this week on the important 4HR, Daily & Weekly Stochastics.
A strong cross-up on the 20 level could signal a rally in USDX soon, I tip it will rally next week if not before finding strength during late Thursday and Friday trading.
There is a tonne of economic news coming out today Thursday morning, will it be a mixed bag and what impact will have on the Gold price and USDX... We will know later.
DXY Analysis - Is there light at the end of the tunnel?DXY tested support around 100.5 and is currently around 100.8, well below 4HR 50MA. Reclaiming 4HR 50MA, a reversal pattern in the support zone from 100 or 1W 200MA could signal a reversal and/or recovery. Closing below 1W 200MA could signal further weakness. Jobless Claims at 14:30 and PMI at 15:45.
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)
DXY remains under pressureFrom a technical perspective, DXY extended its decline as the price approached the 100.80 support. A break below this level could prompt a further decline, with 99.80 as the next potential support. Conversely, a rebound above 100.80 could prompt a pullback to retest the 102.50 resistance. MACD remains below the zero threshold, indicating potential for further downside.
From a fundamental perspective, expectations for the Fed's easing cycle following softer US economic data drove the dollar's decline. Markets are pricing in around a 90 bps rate cut by the end of this year as the labor market cools. Elsewhere, US politics remain in the spotlight with the upcoming general election in November.
(DXY) Dollar Index - Looks BearishDXY broke the symmetrical triangle on the 1D timeframe, breaking the previous low.
I believe that a bearish trend is starting in the short term, if this is confirmed it could be beneficial for the crypto market.
Daily Technical Analysis of Gold,Currencies,and Indices22/8/2024Daily Technical Analysis of Gold, Currencies, and Indices - August 22, 2024
Introduction
Welcome, I am Mohammed Qais, a financial markets expert, presenting you with a detailed analysis of key currency pairs, commodities, and financial indices for today
Thursday, August 22nd. The markets are awaiting significant economic data that could influence price movements, particularly the U.S. dollar. This data includes unemployment claims, the manufacturing and services PMI, and existing home sales. Additionally, the markets are closely watching the much-anticipated speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium on monetary policy and economic conditions.
DXY - U.S. Dollar Index Analysis
The U.S. dollar continues to show a bearish technical outlook as it remains under selling pressure ahead of the release of crucial economic data. The ongoing trading below the 10500 level suggests a further decline to lower levels.
EUR/USD Analysis
The EUR/USD pair continues to gain, supported by the weakening U.S. dollar. If the price successfully consolidates above the 1.1000 level, the upward trend may continue, targeting higher levels.
GBP/USD Analysis
The GBP/USD pair remains in a positive trading stance. If it breaks the 1.3500 level, we could see the continuation of the upward trend targeting 1.3250.
USD/JPY Analysis
The USD/JPY pair is declining and approaching a significant support level at 145 yen. Breaking this level could lead to further declines towards 144 and 134 yen.
USD/CHF Analysis
The USD/CHF pair has broken the 0.85 level, indicating the potential for continued weakness towards the 0.83 level.
AUD/USD Analysis
The AUD/USD pair maintains a positive outlook, with prices holding above the 0.667 level, supporting the upward trend towards 0.69.
NZD/USD Analysis
The NZD/USD pair’s stability at the 0.600 level suggests a continuation of the positive trend, targeting 0.63.
USD/CAD Analysis
The USD/CAD pair remains under pressure, and if it breaks the 1.36 level, we may see a decline towards 1.343. The Canadian dollar is supported by the U.S. crude oil inventory report, which showed a significant decrease.
GBP/JPY Analysis
The GBP/JPY pair’s continued trading below the 126 yen level indicates the potential for further declines towards 184 yen and possibly 170 yen in the medium term.
EUR/JPY Analysis
The EUR/JPY pair’s continued trading below the 166 yen level suggests the possibility of a decline towards 158 and 152 yen.
EUR/GBP Analysis
The EUR/GBP pair’s continued trading below the 0.85500 level indicates the potential for a decline towards 0.84500.
USD/TRY Analysis
The USD/TRY pair continues to gain, targeting 34.5 lira and possibly 35 lira.
Bitcoin/USD Analysis
Bitcoin is trading sideways around the 60,000 dollar level. Breaking this level could lead to a rise towards 68,000 and 75,000 dollars, while failure to do so could see Bitcoin fall back to 50,000 dollars.
Ethereum/USD Analysis
Ethereum is under pressure, with prices continuing to trade below 2800 dollars, indicating the potential for a decline towards 2000 dollars.
Ripple/USD Analysis
Ripple is holding at 55 cents, supporting an upward move towards 75 cents.
Gold Analysis
Gold’s failure to break the 2520 dollar level may lead to a slight correction towards 2460 dollars, but the overall upward trend remains as long as prices trade above this level.
Oil Analysis
Crude oil prices face significant support at the 73 dollars per barrel level. Breaking this level could lead to a decline towards 70 and 67 dollars per barrel, while a return above 77 dollars could restore bullish momentum.
Silver Analysis
Silver is holding support at the 29 dollars level, which could support a rise towards 30.5 and 32 dollars. Breaking below 29 dollars may lead to a deeper correction.
Natural Gas Analysis
Natural gas stability at 2 dollars and 2 cents suggests a potential decline towards 1 dollar and 6 cents if the downward trend continues.
Dow Jones Index Analysis
The Dow Jones Index may fail to surpass the 41,000 point level, potentially leading to a corrective bearish wave targeting 40,000 points.
S&P 500 Index Analysis
The S&P 500 Index could rise if it holds above 5601 points, targeting 5680 points; otherwise, it may return to test the 5500 point level.
Nasdaq 100 Index Analysis
The Nasdaq 100 Index maintains its upward momentum, holding above 19,250 points, with the potential to continue rising towards 21,200 points.
Russell 2000 Index Analysis
The Russell 2000 Index could confirm a move towards 2,250 points if it breaks the resistance at 2,225 points.
FTSE Index Analysis
The FTSE Index remains stable at 8,150 points, with the potential to rise towards 8,400 and 8,600 points in the medium term.
DAX Index Analysis
The DAX Index remains stable at 18,200 points, targeting levels of 18,650 and 19,400 points.
CAC Index Analysis
If the CAC Index surpasses the 7,600 point level, it could target levels of 7,900 and 8,200 points.
Nikkei Index Analysis
The Nikkei Index maintains its positive momentum above 37,000 points, with the potential to rise towards 41,000 points if it continues to hold at this level.s
DXY Swing . Yearly, Monthly, Weekly, Daily 0-144 values in the Fib Resistance Fans, laid from the highest high and lowest low of each candle; on the current swing low from the yearly chart.
General ICT top-down analysis.
Same Gann Box levels as tagged idea.
Green highlighter is the bare minimum anticipated path long here.
DXY LongThe chart shows previous instances where the DXY reversed after similar declines. If there's a historical pattern of reversal at similar levels, this could support the potential for a bounce.
Based on the current indicators, there's no strong confirmation of a reversal yet. However, the price is approaching a potential support level, which could provide a bounce if it holds.
DXY STRONG SUPPORT AHEAD|LONG|
✅DXY will soon retest a key support level of 100.600
So I think that the index will make a rebound
And go up to retest the supply level above at 101.500
LONG🚀
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