FYNTEK | New Eden Investments -> DXY THE DOLLAR $
Updated
Traders,
Whilst the GC position has been secured, we're leaving the rest of it to run. Lets look at DXY. New month, new order flows. What can we notice about how the dollar is behaving. Looking at the daily we know that we're in a strong uptrend, this goes hand in hand with the macro-economic data we have seen in October. Numerous PMI numbers to support this. In order to place a bias there are a couple of things that need to play in account before making a decision:
1. If we can see a strong break of this ascending trendline with a supporting pattern, we would be looking at a reversal on DXY. Propability of that is unlikely. Why?
2. Supporting this ascending trendline to make our way to this supply showcased on the chart. From there a short would be in order and we can expect overall weakening of the DXY as a reversal poin.
From this a positioning into USD pairs would fall into place. EURUSD and GBPUSD.
Trade safely,
Whilst the GC position has been secured, we're leaving the rest of it to run. Lets look at DXY. New month, new order flows. What can we notice about how the dollar is behaving. Looking at the daily we know that we're in a strong uptrend, this goes hand in hand with the macro-economic data we have seen in October. Numerous PMI numbers to support this. In order to place a bias there are a couple of things that need to play in account before making a decision:
1. If we can see a strong break of this ascending trendline with a supporting pattern, we would be looking at a reversal on DXY. Propability of that is unlikely. Why?
2. Supporting this ascending trendline to make our way to this supply showcased on the chart. From there a short would be in order and we can expect overall weakening of the DXY as a reversal poin.
From this a positioning into USD pairs would fall into place. EURUSD and GBPUSD.
Trade safely,
Trade active
We're nearing the supply we created, this goes hand in hand with the expectations and tone of NFP tomorrow. A more dovish expectation can help DXY tap into this supply before heading down if a negative consensus is created. Trade safely.
Trade active
We can see how well respected the DXY is. Touched the supply, picked up liquidity and is following the trend downwards.
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.