**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.
**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 DXY will react to 103 level and then push lower. This week NFP will set the tone for this month's direction. Once DXY breaks lower than 103 level then we will see the price move toward 100 level.
**Daily Chart**
Daily candle closed as a high test which again indicates that movement for this week will be lower. I will be looking to see the price move slightly higher to at least 103.50 (which is 50% of the previous candle) grapes liquidity and then move lower. It is also possible that it reach 104 level before it pushes down.
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.
**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 DXY will react to 103 level and then push lower. This week NFP will set the tone for this month's direction. Once DXY breaks lower than 103 level then we will see the price move toward 100 level.
**Daily Chart**
Daily candle closed as a high test which again indicates that movement for this week will be lower. I will be looking to see the price move slightly higher to at least 103.50 (which is 50% of the previous candle) grapes liquidity and then move lower. It is also possible that it reach 104 level before it pushes down.
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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.