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US Dollar Index CFD (USD)

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The Beginning of DXY DeclineThe DXY (US Dollar Index) is showing strong signs of entering a downward trend. The attached chart reinforces this view, highlighting the development of Wave 4, which is likely nearing completion. A continuation of the decline in Wave 5 is expected, in line with technical analysis and external factors. Wave Structure: The chart clearly shows the DXY in a corrective pattern, with Wave 4 approaching its peak around the 0.618 retracement level at 102.030. Once this wave concludes, we can anticipate the continuation of the downward trend towards the completion of Wave 5, likely targeting levels below 100. Bearish Channel: The DXY remains within a well-defined descending channel, indicating sustained selling pressure. This suggests that the overall momentum is bearish, with further declines expected as the channel holds. External Factors: Slower-than-expected U.S. economic growth, particularly in key areas such as manufacturing and employment, has weakened the dollar’s outlook. Additionally, expectations that the Federal Reserve will halt rate hikes are dampening investor confidence in the dollar. In conclusion, both technical analysis and external economic indicators suggest the DXY is likely to continue its decline. Traders should remain cautious as Wave 5 approaches, with potential downside targets below 100 as the dollar weakens further.
TVC:DXYShort
by TradingDame
DXY Will Go Up From Support! Long! Please, check our technical outlook for DXY. Time Frame: 4h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is on a crucial zone of demand 101.675. The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 102.148 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!
TVC:DXYLong
by SignalProvider
1
DXY is approaching resistance with potential for a reversalFundamental Perspective: The US ISM Manufacturing PMI rose to 47.2 in Aug but fell short of the 47.5 forecast. This marks the 21st monthly contraction in US factory activity over the past 22 months. This persistent weakness highlights the strain of high Fed interest rates on the manufacturing sector. The focus remains on the US jobs data, where further softening of the labor market could bolster expectations for a 50 bps rate cut and weigh on the dollar. Technical Perspective: The dollar pared recent losses but remained within the descending channel, with the price approaching the 102.50 resistance. If DXY regains its bearish momentum below 102.50, a further decline to retest the 100.60 swing low might occur. MACD is also holding below the zero threshold, supporting the potential for further downside. Conversely, if DXY breaks above the 102.50 resistance and channel's upper bound, the index could extend its gains to the 103.80 resistance.
TVC:DXYShort
by lixing_gan
Daily Technical Analysis of Gold,Currencies,and Indices 4/9/2024Daily Technical Analysis for Gold, Currencies, and Indices - 4/9/2024 Introduction Welcome, I’m Mohammed Qais Abdulghani, a financial markets expert, bringing you my detailed outlook on the most significant currency pairs, commodities, and financial indices for today, Wednesday, September 4, 2024. First, let’s review the key economic data expected today, which could impact price movements upon release: • Tuesday, September 3 Session: The release of the Manufacturing Purchasing Managers’ Index (PMI) and the Manufacturing PMI issued by the Institute for Supply Management (ISM). The figures came in below expectations, indicating a slowdown in manufacturing activity and weakness in the U.S. economy. This decline could negatively impact the U.S. dollar, as markets might interpret this data as a signal that the Federal Reserve may adopt more accommodative monetary policies and move away from tightening measures to support the economy and avoid recession. • Wednesday, September 4 Session: The U.S. job openings report is scheduled to be released at 5:00 PM Mecca time. Analysis of the U.S. Dollar Index (DXY): We observe that the U.S. Dollar Index is trading under pressure near the previous closing level. Trading below the 102 level keeps the index within a bearish trend channel, making it vulnerable to further decline towards the 100.3 and 99 levels in the medium term. The dollar will not experience positive corrections unless it surpasses the 102 level. EUR/USD Pair Analysis: The pair remains stable above the key support level at 1.1000. Attempts are ongoing to end the corrections and rise towards 1.1200. This bullish scenario will remain valid unless the price breaks below the 1.1000 level. GBP/USD Pair Analysis: The pair is attempting to break below the 1.3100 level. If prices succeed in breaking this level, the pair will enter a downward corrective wave targeting 1.2970 and 1.2850. USD/JPY Pair Analysis: The pair is attempting to return to the downward trend. Breaking the 145 yen level and moving below the 55-day moving average may end the positive corrections and return the pair to the downward trend targeting 140 yen. USD/CHF Pair Analysis: The pair is hovering around the previous closing level. A return below the 0.8510 level could push the pair back into a negative trend, targeting 0.8370 and 0.8240. AUD/USD Pair Analysis: The pair is stabilizing below the 55-day moving average and below the previous closing price. Breaking the 0.6670 level could push the pair back down towards 0.6500. NZD/USD Pair Analysis: The pair is declining and stabilizing below the 0.6225 level. Remaining below this resistance could lead to a continuation of the downward trend towards 0.6100 and 0.6000. USD/CAD Pair Analysis: The pair is attempting to resume the upward trend and end the corrections. The pair will only succeed in this by breaking through the 1.3600 level, potentially targeting 1.3750 and 1.3950. GBP/JPY Pair Analysis: The pair remains under downward pressure. It will not be freed from this pressure unless it breaks above the 196 yen level, which could restore the upward momentum towards 202 and 208 yen. EUR/JPY Pair Analysis: The pair is trading under pressure. Remaining below 164 yen could lead to a continuation of the downward trend towards 158 and 153 yen. EUR/GBP Pair Analysis: The pair is trying to regain upward momentum in the short term. Surpassing the 55-day moving average and climbing above the 0.8450 level could lead to a rise targeting 0.8575 and 0.8650. USD/TRY Pair Analysis: The pair is attempting to end corrections and regain upward momentum. A return above the 34 lira level could restore gains and push prices towards 34.50 and 35.00 lira. BTC/USD Analysis: Bitcoin is under pressure. Trading below the 60,000-dollar level may keep it under downward threats towards 52,000 and 44,000 dollars. Surpassing the 60,000-dollar level is necessary to relieve Bitcoin from selling pressure. ETH/USD Analysis: Ethereum is still under pressure. Staying below the 2700-dollar level may lead to a continuation of the downward trend towards 2100 and 1800 dollars. XRP/USD Analysis: Ripple is hovering around the critical support level of 0.55 dollars. Breaking this level will lead to a continuation of the downward trend towards 0.48 and 0.44 dollars. Gold Analysis (XAU/USD): Gold is trading above the upward trend line. Staying above the 2460-dollar level keeps the bullish scenario intact, with the possibility of reaching new levels if the 2520-dollar level is breached. Breaking the 2460-dollar level may push gold back into deep corrections towards 2400 and 2325 dollars. Crude Oil Analysis (WTI): Crude oil is trading under pressure. Breaking the 73-dollar per barrel level may lead to a price drop towards 70 and 67 dollars. Silver Analysis (XAG/USD): Silver is showing negative behavior. A return above the 29-dollar level is necessary to maintain positivity, while a decline could target 27.5 and 26 dollars. Natural Gas Analysis (NG): Natural gas is at a critical psychological barrier at 2.20 dollars. Exceeding this level could lead to gains towards 2.40 and 2.60 dollars, while failing to break it could push prices back down towards 2.00 dollars. Dow Jones Industrial Average (DJI) Analysis: A price drop to the 41,000-point level reinforces the negative scenario towards the 40,000-point level. Stability above the 41,000-point level is crucial to avoid further decline. S&P 500 (SPX) Analysis: The index is approaching a significant support area at 5500 points. Breaking this support could lead the S&P 500 down to 5300 points. NASDAQ Analysis: Stability above the 19,250-point level enhances the chances of rising towards 24,000 and 25,000 points. Breaking the 19,250 level could lead to a decline towards 18,250 points. Russell 2000 (RUSSELL 2000) Analysis: The index is declining, approaching a crucial support at 2150 points. Breaking this level could lead to further declines. FTSE 100 (FTSE 100) Analysis: The index is trading below the 8400-point level. Stability above this level is necessary to regain positive momentum. DAX (DAX) Analysis: The index is attempting to break a significant support level at 18,750 points. Breaking this support could lead to a free fall towards 18,200 points. CAC 40 (CAC 40) Analysis: The index is trying to return to the downward trend. Stability below the 7600-point level may push the index towards further declines to 7200 points. Nikkei 225 (NIKKEI 225) Analysis: The index is declining with the return of yen strength. Stability above the 37,000-point level is necessary to maintain a positive scenario, while breaking this level could lead to a decline towards 35,000 and 33,000 points. In Conclusion: We have reached the end of today’s daily technical analysis. Thank you for following along, and we wish you a successful trading day. Stay safe. This analysis was prepared by Mohammed Qais Abdulghani, a financial markets expert, based on current data and market trends. Please note that all strategies and analyses are subject to market changes, and it is advisable to stay updated with economic developments to make informed decisions.
TVC:DXY
by MohammedQais
Could price bounce from here?The US Dollar Index (DXY) is falling towards the pivot which has been identified as a pullback support and could reverse to the pullback resistance. Pivot: 101.52 1st Support: 101.04 1st Resistance: 102.14 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
TVC:DXYLong
by ICmarkets
$ RATE CUT IN THE AIR, WILL IT BOUNCE BEFORE THE DESCENT?The recent decline in the U.S. dollar can be attributed to several economic factors. Firstly, recent inflation data indicates that inflation in the United States is slowing down. The annual inflation rate for June 2024 was 3.0%, down from previous months​. This slowdown has strengthened expectations of a less restrictive monetary policy from the Federal Reserve. Investors now anticipate a rate cut in September, possibly followed by another cut in November or December, which tends to weaken a country's currency. Despite positive data from the Producer Price Index (PPI) for June 2024, the dollar continued to fall. The PPI showed a 0.1% year-over-year increase, with a 0.1% rise in goods and a 0.2% rise in services, both better than analysts' expectations​​. The critical question now is whether the dollar will rebound before further declines. We are in a crucial zone, and a short-term rise might occur before any further drop, but much depends on Powell's speech scheduled for Monday. If the Federal Reserve Chair hints at a rate cut in September, the dollar could take another hit. Conversely, if Powell does not confirm this expectation, the dollar might benefit from the positive PPI data and rise temporarily​​. Be careful! ​
TVC:DXYLong
by jamesbond70
DXY STRUCTUREAs we approach NFP, using market structure, prices are printing bullish movements and we will only be looking out for prices to get into the 15 Min OB before we can look for further confirmations before we can look for sell-offs, for now we exercise patience and sit on our hands and wait. do well to like share and follow and what ever trading style you use do well to not trade against the trend flow with it. use this and work with other correlated pairs that moves alongside DXY.
TVC:DXYLong
by Dr_Trade1
Dollar Index - 5 Weeks Of Risk-On Conditions. 100 Is Near...Higher time frame biases are important in scenarios like this as this week has clearly shown love to the monthly Sellside liquidity pool down at 100.617 before closing just shy of the area. There in unfinished business at this area with 100.427 also being a point of interest. This does not mean i am expecting a closure for the week as we could see a sharp retracement coming to the end of next weeks trading. Further risk on scenario for Dollar Index will present continued long opportunities for certain FX pairs and stock index pairs + commodities
TVC:DXYShort
by LegendSince
Levels discussed on Livestream 3rd September3rd September DXY: Still in consolidation. Watch the resistance at 102 round number. Looking for downside, needs to break 101.50 (23.6%), could trade down to 101.15 NZDUSD: Sell 0.6205 SL 20 TP 60 AUDUSD: Retracing, could retest 0.68 resistance level GBPUSD: Buy 1.3170 SL 40 TP 90 EURUSD: Look for reaction at 1.10 round number support level USDJPY: Sell 145.70 SL 250 TP 80 USDCHF: Could trade higher, look for reaction at resistance level USDCAD: Could trade lower, look for reaction at support 1.3440 Gold: Choppy price action, until 2508, beyond that, could trade up to 2520
TVC:DXY
by JinDao_Tai
DXY - US Dollar Strengthens Above 101.70 Market AnalysisThe US Dollar Index (DXY) is showing renewed strength, climbing above the 101.70 mark after a relatively flat Monday. This move extends the momentum from last week, where the DXY gained over 1%. As the market braces for key labor data later this week, all eyes are on the August jobs report, set to be released on Friday. This report is expected to reveal a solid increase in Nonfarm Payrolls (NFP), which could provide further support to the US Dollar. Technical Analysis: Reversal from Key Demand Area From a technical standpoint, the DXY has already exhibited a significant reversal from a key Demand area around 100.535. As forecasted, the price rebounded from the 100.515 level, confirming the strength of this support zone. This reversal was anticipated based on previous analysis, and it has played out as expected, setting the stage for the current bullish momentum. Sentiment and Seasonal Trends Support a Bullish Outlook The Commitments of Traders (COT) report adds an interesting layer to the analysis, showing that retail traders are aggressively short on the US Dollar. This aggressive short positioning often acts as a contrarian indicator, suggesting that there might be further upside potential for the DXY. Additionally, seasonal trends are aligning with a possible bullish rally in the US Dollar. Historically, this period has seen increased demand for the USD, and the current setup appears to be following that pattern. When combining the COT data with the technical bounce from the Demand area, the outlook for the US Dollar remains positive. Conclusion: A Confluence of Factors Supporting USD Strength The DXY's move above 101.70 is supported by a confluence of technical and sentiment factors. The reversal from the Demand area, coupled with the contrarian signal from the COT report and favorable seasonality, all point towards a continued increase in the value of the US Dollar. As the market awaits the crucial NFP report on Friday, the stage is set for potential further gains in the DXY, reinforcing our bullish outlook for the US Dollar. Previous Forecast ✅ Please share your thoughts about USD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
TVC:DXYLong
by FOREXN1
1