A retest before heading lower...DXY is around 101.17, potentially about to retest previous support as resistance around 101.2… Reclaiming this zone and closing above 101.5 could be short term bullish. A continuation of bullish momentum could lead to a retest of 102.4 around 18 Sep, tying in with Fed’s rates decision.
Dollar
DXY 4hr AnalysisThe market dropped back to the strong support zone (100.742) on Friday, then immediately bounced back up. The price is heading back to the minor resistance zone (101.842) before we may see another rejection and a potential retracement down.
However, if the level is broken, the price may likely reach the 102.420 key zone area before we see another pullback.
With CPI and inflation rate data coming out within the week,
what is your projection for DXY? Please share below
DXY (Dollar) Shorts from 101.600 back downMy outlook for the dollar is focused on scouting a bearish continuation. A 7-hour supply zone has emerged, and I'm looking for the price to enter this zone to trigger a bearish reaction, potentially creating a new leg to the downside.
If the supply zone is broken, I would then anticipate the price rallying higher into a more premium supply area. However, if the price heads down first, I expect the 9-hour demand zone to be violated, allowing for a better buying opportunity from the lower demand zone.
P.S.: Be cautious and trade with care, as PPI and CPI data are due this week. Keep an eye on Forex Factory for updates.
Dollar Index (DXY): Time to Grow?!
Dollar Index has a nice potential to keep growing next week.
The market nicely respected a daily horizontal structure support,
bounced and violated a resistance line of a falling parallel channel on an hourly time frame.
The market may reach at least 101.44 level.
❤️Please, support my work with like, thank you!❤️
DXY Levels to Watch Ahead of NFPLooking at the chart of the US Dollar Index (DXY), the world’s reserve currency remains in a well-defined downtrend despite last week’s bounce. The near-term reaction in the US dollar will likely follow the likelihood of a 25bps rate cut from the Fed (bullish) vs. 50bps rate cut (bearish) as outlined in the chart above, but ultimately, the dominant downtrend and potential for consistent interest rate reductions from the Federal Reserve in the coming year could keep the greenback under pressure as we move through the fall regardless.
-MW
DXY / US DOLLAR INDEX🔍 DXY (U.S. Dollar Index) Analysis: 4-Hour Timeframe 📉
The DXY chart on a 4-hour timeframe highlights significant upcoming times where price movements may present trading opportunities. It’s essential to analyze these signals in conjunction with higher timeframes for a comprehensive market view.
• BUY DATE - September 12, 2024, 04:00 - Green Line: This time indicates a potential local low, offering favorable conditions for accumulating DXY or entering long positions.
• BUY DATE - September 19, 2024, 00:00 - Green Line: Another potential local low, suggesting favorable conditions for buying.
• BUY DATE - October 7, 2024, 06:00 - Green Line: This time marks another potential local low, indicating favorable conditions to enter long positions.
When working with this 4-hour timeframe, remember to evaluate these movements within the context of the broader market trend, considering higher timeframes for a more global perspective.
Note: The exact timing of these phases can vary by +/- a few hours. All times are based on UTC-7 (Los Angeles).
DXY Breakout And Potential RetraceHey Traders, in today's trading session we are monitoring DXY for a buying opportunity around 101.500 zone, DXY was trading in a downtrend and successfully managed to break it out. Currently is in a correction phase in which it is approaching the retrace area at 101.500 support and resistance area.
Trade safe, Joe.
DXY (1h timeframe )hello dear traders
this price acton for dollar curency index .... this is my personal opinion....
fundamental reason:
While British fund manager abdrn predicts that the U.S. economy will see a soft landing, there is still the risk of a prolonged slowdown in 2025, said Kenneth Akintewe, the company’s head of Asian Sovereign Debt.
Is the economy already weaker than the headline data suggests and should the U.S. Federal Reserve already be easing? Akintewe questioned on CNBC’s “Squawk Box Asia.”
In the U.S. on Friday, data showed the personal consumption expenditures (PCE) price index, the Federal Reserve’s favored measure of inflation, ticked up 0.2% last month, as expected. The data seems to back a smaller rate cut...
FULL DXY ANALYSISHello my wonderful community !
it’s been a while I posted.
I really appreciate you guys for reviewing my charts
Kindly like and comment on how you feel the market will go , I’m open to learn and communicate with other hardworking traders on here.
The colors for each line/zone
Monthly - Yellow
Weekly - Orange
Daily - Green
4H - Red
1H - Purple
My Monthly chart view:
Ever since 2010, price has been in an uptrend by making higher highs and higher lows.
Price keeps breaking major resistance areas and turning them to dynamic support areas and respects the EMA 50 anytime it makes a correction.
Take note as price is trending upwards and respecting the channel constructed.
My Weekly chart view:
Going into the weekly TimeFrame, it is truly clear that price entered a range from 2017 until 2022 before the bulls came in fully in early 2022 and made an Uptrend and breaking the resistance with bullish candles before exerting a correction and respecting the newly formed support.
My Daily chart view:
I also noticed a range forming due to this same correction between the areas marked in red.
Notice the double top indicating a reversal after the break of the neck line. After the invalidation of the Red daily trend line by the break with bearish engulfing candle, The bears take full control driving the price down to an area of Demand.
Price is in a downtrend as this is due to the correction observed in the bigger timeframe
To play safe i feel i can capture a buy setup after the break and retest of the upper red resistance but that will take forever.
My 4H chart view:
I capitalized on this trade by executing based on my trading strategy with a nice sell setup after the break of the neckline with a risk: reward of 1:2.
So I’ll go further and look for buy Setups as we are in this same 4H time frame
Price currently approached an Area of Demand (this area also serves as a major support zone and has been respected multiple times )and bulls seems to be coming in strong with rising momentum.
My 1H chart view:
Sometimes we just have to go further with the believe that the market will reveal its hand , so I’m patiently waiting for buy setups as price is gaining momentum with the EMA 14 crossing over the EMA 50 and price still respecting the area of Demand and major support zone.
Still Bearish on DXYDXY can see some correction to the upside and reach 102.5 or even climb up to 103.5 before September 18, 2024, which, most probably we'll see the first rate cut after a long time.
So be patient and wait for this week's NFP.
Check out my post on June 11 to see how DXY followed our yellow scenario. 😉
Silver / U.S. Dollar - Silver about to shine?Hey Traders
We have silver here bounced out of demand zone, I am sorry but we should of been in this set up already from demand zone, unforeseen circumstances this week I have been away from charts, I have had this set up planned for a couple weeks now and my fundamentals line up very well, but no worries we can still get in so I am expecting silver to shine again and I'm looking to buy only. details for set up in the chart.
Please like comment and follow cheers
This chart material is for education purposes only / Demo account should be traded only
U.S. Dollar / Thai Baht - Reversal incoming ???Hey Traders
We have USD/THB here on chart, my weekly fundamentals are telling me we have a potential for a reversal from demand zone, if you follow my charts I am using weekly charts for my analysis and daily chart to zone in on demand or supply to get area more accurate to place our buy or sell limit.
So details are on chart where I am placing buy limit and sl and tp
Please like comment and follow cheers
This chart material is for education purposes only / Demo account should be traded only
Dollar 4hr Analysis1 Day Time frame
Dollar has been bearish for a couple of days how, ever after reaching a major support zone last week, Dollar bounced back from the support and its currently on a minor uptrend
Dollar: 4hr Time frame
When i spotted the double bottom last week, i knew there is a high probability for dollar to rise from this support.
This week, i expect dollar to continue to rise up to the 102.500 key area.Before we may possibly see the bearish continuation or breakout to the upside.
Fundamentally, US FED may likely cut interest rate this month, which will push the price of dollar down
King' s ($DXY) return?In #dollarindex chart, #dxy intends to reclaim the support zone that was already broken. If TVC:DXY succesfully reclaims the zone, then i expect this bullish diamond pattern to play out greatly!. If plays out, all markets - #nasdaq #stocks #crypto will have blood bath in mid term. Not financial advice.
DXY - Looking to Big PictureWhen we look back, when Trump first came, Dxy showed a 5.5% increase, Dxy goes to 103.5. And Trump Dxy is too expensive, the dollar is too expensive, it should fall, the statements started. Then Dxy's 14% decrease went to 88.5. Now Dxy is around 102.
I bought it directly as a fractal from August 15, 2016. If Dxy comes to around 104 until the election, the rapid increase with Trump's arrival corresponds to 110s. It has been an expected area for a long time and when Trump Dxy is at 110s, similarly, if the decrease starts with him saying the dollar is too expensive, it goes to 94s, fractal.
Here, my hopes begin and I say that it is still expensive at those levels, we will go down to 86s. This means a 4-year never-ending mega bull.
I applied the same fractal to the euro, and the much-anticipated 1.02s are here again. If I can get a fund, I will look for swing shorts at 1.12s. The fractal and events looked pretty good to me. It also fit the channel nicely.
FX:EURUSD