**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.
The month of December 2023 (still active) found support from July 2023 monthly candle and started moving higher. Then tested the high of the weekly and then breaks the support level and continues its move towards the next support at around 100 level. This week I am looking for a continuation of this trend lower.
**Note:** I don’t trade DXY but I use it as an indication when analyzing other currency pairs linked to USD.
**Weekly Chart**
The weekly candle closed as bearish suggesting a move lower for DXY. Therefore, I will be looking for buying opportunities of pairs against the USD going to this week. My next target on DXY is at 100 level.
**Daily Chart:**
Last week on Wednesday during the FOMC conference meeting, DXY created a gap. The price will likely refill this gap around the 103 level and test it before moving lower next week.
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.
The month of December 2023 (still active) found support from July 2023 monthly candle and started moving higher. Then tested the high of the weekly and then breaks the support level and continues its move towards the next support at around 100 level. This week I am looking for a continuation of this trend lower.
**Note:** I don’t trade DXY but I use it as an indication when analyzing other currency pairs linked to USD.
**Weekly Chart**
The weekly candle closed as bearish suggesting a move lower for DXY. Therefore, I will be looking for buying opportunities of pairs against the USD going to this week. My next target on DXY is at 100 level.
**Daily Chart:**
Last week on Wednesday during the FOMC conference meeting, DXY created a gap. The price will likely refill this gap around the 103 level and test it before moving lower next week.
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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.