My general outlook on the DXY this week leans bearish, as I expect price to continue trending lower. I’ve identified a nearby 1H supply zone, where we could see price react and begin pushing lower. There is also a larger supply zone further above, but it’s currently out of reach unless price pulls back significantly.
Looking back, the 2-day demand zone I marked over a week ago has played out well, with a strong bullish reaction from that level — price is still rising from that zone. During this move, a new 11H demand zone has formed, which also led to a change of character to the upside. If price revisits that zone, we may see another bullish continuation from there.
Key Points:
Overall bearish trend expected to continue in the short term.
1H supply zone nearby is a potential trigger point for a sell-off.
2D demand zone previously marked is still holding and influencing price.
11H demand zone has caused a bullish shift and could provide another long opportunity if price returns.
P.S. This is my general DXY outlook for the week. I don’t trade the dollar directly, but I use it as a key confluence when analysing and executing trades across other major pairs.
Looking back, the 2-day demand zone I marked over a week ago has played out well, with a strong bullish reaction from that level — price is still rising from that zone. During this move, a new 11H demand zone has formed, which also led to a change of character to the upside. If price revisits that zone, we may see another bullish continuation from there.
Key Points:
Overall bearish trend expected to continue in the short term.
1H supply zone nearby is a potential trigger point for a sell-off.
2D demand zone previously marked is still holding and influencing price.
11H demand zone has caused a bullish shift and could provide another long opportunity if price returns.
P.S. This is my general DXY outlook for the week. I don’t trade the dollar directly, but I use it as a key confluence when analysing and executing trades across other major pairs.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.