DXY (Dollar) Long Term Analysis & Plan Update
Traders, DXY (Dollar index) has been massively bullish as expected. Forget about what media has been saying about inflation, printing etc. The truth is that Dollar has been rising and markets worldwide have been getting affected by this move. Because of the general consensus, a lot of traders, investors and even institutions have found this move surprising and shocking. That is why we must analyse ourselves and trade what we see. 🙂
Dollar has been breaking out of a multi year consolidation range. I pointed out this possibility several times in last year or so because of a possible W pattern which was forming. This W pattern was going to form anyway but then covid came which pushed the DXY down. Now Dollar is back above the pre-covid level. Once this break out from the consolidation has been confirmed, USDOLLAR can rise mush higher.
On the bullish side, the chart clearly shows all possible targets if the market continues to go higher in coming weeks/months and years. This is a long term analysis so can take a long time, even years and things can change too in that duration. So take care of the risk.
There are however 2 reasons for its possible falls too in the future:
1. There are several gaps left and the lowest one is around 90
2. W pattern makes a market fall from few specific levels.
So beware of these 2 cases.
Rules:
1. Never trade too much
2. Never trade without a confirmation
3. Never rely on signals, do your own analysis and research too
âś… If you found this idea useful, hit the like button, subscribe and share it in other trading forums.
âś… Follow me for future ideas, trade set ups and the updates of this analysis
âś… Don't hesitate to share your ideas, comments, opinions and questions.
Take care and trade well
-Vik
____________________________________________________
đź“Ś DISCLAIMER
The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of education only.
Not a financial advice or signal. Please make your own independent investment decisions.
____________________________________________________
Dollar has been breaking out of a multi year consolidation range. I pointed out this possibility several times in last year or so because of a possible W pattern which was forming. This W pattern was going to form anyway but then covid came which pushed the DXY down. Now Dollar is back above the pre-covid level. Once this break out from the consolidation has been confirmed, USDOLLAR can rise mush higher.
On the bullish side, the chart clearly shows all possible targets if the market continues to go higher in coming weeks/months and years. This is a long term analysis so can take a long time, even years and things can change too in that duration. So take care of the risk.
There are however 2 reasons for its possible falls too in the future:
1. There are several gaps left and the lowest one is around 90
2. W pattern makes a market fall from few specific levels.
So beware of these 2 cases.
Rules:
1. Never trade too much
2. Never trade without a confirmation
3. Never rely on signals, do your own analysis and research too
âś… If you found this idea useful, hit the like button, subscribe and share it in other trading forums.
âś… Follow me for future ideas, trade set ups and the updates of this analysis
âś… Don't hesitate to share your ideas, comments, opinions and questions.
Take care and trade well
-Vik
____________________________________________________
đź“Ś DISCLAIMER
The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of education only.
Not a financial advice or signal. Please make your own independent investment decisions.
____________________________________________________
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