**Monthly Chart**
The long-term directional bias of DXY (US$ Index) has been bullish since 2013. However, the price started to push lower from Sept 2022 after it reached the 115 price level. The index remains in the consolidated range between 108 and 100 levels from Jan 2023.
Last month's candle (Nov 2023) touched the relative high of the previous month and closed lower at around 103 level after it formed an engulfing (or it is also called Ring low) on the monthly chart. This indicates that the trajectory for the following months is going to be lower for DXY and higher for other currencies against the DXY.
The month of December 2023 (still active) found support from July 2023 monthly candle and started moving higher.
**Note:** I don’t trade DXY but I use it as an indication when analyzing other currency pairs linked to USD.
**Weekly Chart**
The price found some support from the July 2023 weekly candle and started moving higher creating a Ring High formation (Engulfing candles) on weekly suggesting a move higher for next week. At least to test the liquidity candle of 13th Nov 2023.
**Daily Chart**
DXY found a point of interest near the previous demand zone as marked in the chart. Therefore, I will be expecting a higher movement at least to the 106 level and test the FVG. This means the trajectory of other currencies such as GBP, EUR, and AUD to move against the DXY direction.
The long-term directional bias of DXY (US$ Index) has been bullish since 2013. However, the price started to push lower from Sept 2022 after it reached the 115 price level. The index remains in the consolidated range between 108 and 100 levels from Jan 2023.
Last month's candle (Nov 2023) touched the relative high of the previous month and closed lower at around 103 level after it formed an engulfing (or it is also called Ring low) on the monthly chart. This indicates that the trajectory for the following months is going to be lower for DXY and higher for other currencies against the DXY.
The month of December 2023 (still active) found support from July 2023 monthly candle and started moving higher.
**Note:** I don’t trade DXY but I use it as an indication when analyzing other currency pairs linked to USD.
**Weekly Chart**
The price found some support from the July 2023 weekly candle and started moving higher creating a Ring High formation (Engulfing candles) on weekly suggesting a move higher for next week. At least to test the liquidity candle of 13th Nov 2023.
**Daily Chart**
DXY found a point of interest near the previous demand zone as marked in the chart. Therefore, I will be expecting a higher movement at least to the 106 level and test the FVG. This means the trajectory of other currencies such as GBP, EUR, and AUD to move against the DXY direction.
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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.
Join our PropSignals Channels on Telegram
t.me/PropsignalAE
t.me/PropsignalAE
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.