What Does DXY Want To Do Next?!
As we all know the chaos between Russia and Ukraine has escalated into an all-out war! Where does that leave the dollar index? How does it affect the movement? Will we see drastic moves or will it continue to move according to market structure? Personally, I cannot say what the DXY will do, but… I can give my best analysis on it!
We seen from the previous week then dollar was bearish and mid-week, she made a hard dip and then a quick move up! Few of the assets paired with the dollar (UCAD, UJ, EU, GU, etc.) were showing signs of uncertainty. Selling off dramatically, buying up frantically, no one seemed to know what was going on. This coming week I will anticipate the dollar index to become bullish. As of late, oil prices have been surging and somehow the dollar looks to (somewhat) still be in tact. Also the US is reportedly mustering up a nuclear deal with Iran. If the deal goes through we could see oil prices coming down, which would mean a rise in the almighty dollar! On my chart at the most recent level of price action you can see DXY stopped going lower than a certain level and has found small support after shorting on the 15th & 17th.
Markets have been very active lately so it would be wise to follow up on any news events and correlate them with your analysis! As for me? I’ll be paying close attention to the issues with Russia and Ukraine, how dxy, gold, and oil prices react, and what new information is being released to directly affect the markets.
Overall this coming week on DXY: BULLISH
We seen from the previous week then dollar was bearish and mid-week, she made a hard dip and then a quick move up! Few of the assets paired with the dollar (UCAD, UJ, EU, GU, etc.) were showing signs of uncertainty. Selling off dramatically, buying up frantically, no one seemed to know what was going on. This coming week I will anticipate the dollar index to become bullish. As of late, oil prices have been surging and somehow the dollar looks to (somewhat) still be in tact. Also the US is reportedly mustering up a nuclear deal with Iran. If the deal goes through we could see oil prices coming down, which would mean a rise in the almighty dollar! On my chart at the most recent level of price action you can see DXY stopped going lower than a certain level and has found small support after shorting on the 15th & 17th.
Markets have been very active lately so it would be wise to follow up on any news events and correlate them with your analysis! As for me? I’ll be paying close attention to the issues with Russia and Ukraine, how dxy, gold, and oil prices react, and what new information is being released to directly affect the markets.
Overall this coming week on DXY: BULLISH
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