**Yearly Chart**
At the close of 2023, the yearly candle closed bearish suggesting continued bearish momentum for DXY going into year 2024. The index ranged between 107.35 and 99.57. The yearly candle also shows that the price took two years to test the manipulation candles of the years 2001 and 2002.
**Monthly Chart**
Moving down to the monthly chart we can see that the index was in a range last year. However, the current momentum is lower. The price closed lower last month at 101.37 level. For the opening of this month's candle, the price started to move higher after bouncing from equal lows or strong monthly demand zone. I still believe that the price will move lower after breaking equal lows.
**Note:** I don’t trade DXY but I use it as an indication when analyzing other currency pairs linked to USD.
**Daily Chart**
As the market opened for the year last week. We can see that DXY moved higher to test the liquidity candle and the gap that formed 13 -14 Dec 2023 and created a form of doji candle with a long wick on the closing candle of Friday last week.
This suggests that there is a high probability that other currencies will move higher against USD in the coming weeks. But we have to ensure that we enter at the right entry with lower risk and high reward.
At the close of 2023, the yearly candle closed bearish suggesting continued bearish momentum for DXY going into year 2024. The index ranged between 107.35 and 99.57. The yearly candle also shows that the price took two years to test the manipulation candles of the years 2001 and 2002.
**Monthly Chart**
Moving down to the monthly chart we can see that the index was in a range last year. However, the current momentum is lower. The price closed lower last month at 101.37 level. For the opening of this month's candle, the price started to move higher after bouncing from equal lows or strong monthly demand zone. I still believe that the price will move lower after breaking equal lows.
**Note:** I don’t trade DXY but I use it as an indication when analyzing other currency pairs linked to USD.
**Daily Chart**
As the market opened for the year last week. We can see that DXY moved higher to test the liquidity candle and the gap that formed 13 -14 Dec 2023 and created a form of doji candle with a long wick on the closing candle of Friday last week.
This suggests that there is a high probability that other currencies will move higher against USD in the coming weeks. But we have to ensure that we enter at the right entry with lower risk and high reward.
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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.