**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 (Oct 2023) closed as an indecision candle and from there, we have seen a run to the current level of 103.41.
**Note:** I don’t trade DXY but I use it as an indication when analyzing other currency pairs linked to USD.
**Weekly Chart**
This week I will be looking to see how the price reacts towards moving to 100 level or it could bounce from there. We have seen a good reaction from the 107 level in the last few weeks where the price was sensitive and retested the level again before it moved lower.
**Daily Chart**
Good reaction on daily by testing the sell zone (Supply zone) and moved lower from there. It was also created on 1st November which was never filled (we will have to keep an eye on that gap because it will be filled over the long term - but it is not a major concern as of this date). Therefore, my directional bias for next week is to look for buying opportunities on currencies against USD.
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 (Oct 2023) closed as an indecision candle and from there, we have seen a run to the current level of 103.41.
**Note:** I don’t trade DXY but I use it as an indication when analyzing other currency pairs linked to USD.
**Weekly Chart**
This week I will be looking to see how the price reacts towards moving to 100 level or it could bounce from there. We have seen a good reaction from the 107 level in the last few weeks where the price was sensitive and retested the level again before it moved lower.
**Daily Chart**
Good reaction on daily by testing the sell zone (Supply zone) and moved lower from there. It was also created on 1st November which was never filled (we will have to keep an eye on that gap because it will be filled over the long term - but it is not a major concern as of this date). Therefore, my directional bias for next week is to look for buying opportunities on currencies against USD.
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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.