Breakandretest
DXY - The Leading Index For 2024Hello Traders, welcome to today's analysis of Dollar Index.
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Explanation of my chart analysis:
DXY (Dollar Index) has been forming a triple bottom all the way back in 2008 and has been rising ever since. With the recent break above the psychological $100 level, the DXY is once again confirming the bullish strength. If DXY doesn't break below this area, I am targeting new swing highs.
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I will only take a trade if all the rules of my strategy are satisfied.
Let me know in the comment section below if you have any questions.
Keep your long term vision.
nzdjpy short analysisOANDA:NZDJPY
Break below 89.640 weekly support and price made a retest at what is now 89.640 weekly resistance. a bearish engulfing candlestick on the 4h and 1h is confirmation to go short. Also the 61.8% Fibonacci retracement level at 89.640 weekly resistance is a strong confluence
NZDJPY SHORT ANALYSISOANDA:NZDJPY
Overall bias on NZDJPY is bearish with the daily, 4h and 1h confirming my bias. Price broke below 88.962 4h support and made a retest as 88.962 4h resistance with a bearish engulfing candlestick on the 30 min and also a break of countertrend structure on the 15 min being my confirmations to go short on NZDJPY
GBPUSD SELL ANALYSISFX:GBPUSD
Price broke below 1.26229 daily support breaking bullish structure. Price made a pullback and retested as resistance around the resistance area of interest with a bearish engulfing candlestick being my entry confirmation. Take note, today is a fundamental day thus low risk should be used to avoid big losses in case price goes against my bearish bias because of fundamentals today
gbpusd sell analysisFX:GBPUSD
Price broke below 1.26229 daily support breaking bullish structure. Price made a pullback and retested as resistance around the resistance area of interest with a bearish engulfing candlestick being my entry confirmation. Take note, today is a fundamental day thus low risk should be used to avoid big losses in case price goes against my bearish bias because of fundamentals today