Last week, I expected the US Dollar Index (DXY) to decline to 106.011, a key area of interest, and then bounce. It did indeed bounce strongly, but faced resistance at 106.651. DXY needs to close above 106.651 on daily or 4-hour candles for its rally to continue. Once it does, we can expect DXY to target buy-side liquidity.
However, I would now prefer to see DXY absorb sell-side liquidity today or tomorrow before resuming its upward movement. In the meantime, while DXY consolidates, I believe there may be good opportunities in minor or exotic currency pairs. So, keep an eye on those.
#forextraders #forextrading ##DXY #marketanalysis
However, I would now prefer to see DXY absorb sell-side liquidity today or tomorrow before resuming its upward movement. In the meantime, while DXY consolidates, I believe there may be good opportunities in minor or exotic currency pairs. So, keep an eye on those.
#forextraders #forextrading ##DXY #marketanalysis
Note
Earlier this week, I encountered some setbacks in trading DXY, resulting in losses for my GU and EU trades. However, on Tuesday, I managed to secure a favorable entry point in GU, and I am currently riding that trade. I'm keeping a close watch on DXY to see how it evolves
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Related publications
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.