CORONA VIRUS IS THE EXCUSE TO TRIGGER THE INEVITABLE SELL OFFNEWS IS THAT EXCUSE TO MOVE THE MARKETS. WE'VE SEEN A BULLISH MARKET FROM 2014-2015 AND A VERY LONG PERIOD OF SIDES WAYS MOVEMENT (ACCUMULATING). THE FAKE OUT TO THE UPSIDE CAPTURED LIQUIDITY (POCKETS OF MONEY) THEN EXPANDED TO THE DOWNSIDE, WHERE YOU SEE ANOTHER CAPTURE OF LIQUIDITY. ON THE BROADER PERSPECTIVE, THIS WAS JUST A MOVE TO TAKE THAT ENERGY AND REVISIT THE SIDE WAYS CHANNEL FOR THE REAL MOVE TO THE DOWNSIDE BUT WE NEEDED A VERY GOOD EXCUSE TO MOVE PRICE IN THAT DIRECTION, (NEWS OF CORONA VIRUS). I'M LOOKING TO SEE THE DOLLAR POSSIBLY CAPTURE THE MONEY SITTING BELOW THE LOWS OF THE PREVIOUS FAKE OUT TO THE DOWNSIDE AND WORK IT'S WAY IN THE POSSIBLY TO THE 80'S PRICE RANGE, WOULDN'T BE SURPRISE TO SEE PRICE LOWER, BESIDES THEY JUST WEAKENED THE DOLLAR.
Dollar_index
DXY looks bearish to meDXY broke to a new low. I see this as a C pullback for a D leg to come.
I see a good sell entry @ 98.65
TP1 would be 127% around 96.65
TP2 would be 96.25 zone
TP3 as low as the wicked price June 25th this year @ 95.85
A "secure some profits along the way" pull would be good at 97.25
What do you think? Please like and comment, as always trade safe manage risk!
Peace. Love. Trade :)
D1 - SHORT DXY Setting up for a bearish moveDollar Currency Index has completed its Subminutte Wave II and bears gathering momentum to push price downwards for Wave 3.
This is also in correlation to EURUSD setting up for a bull run.
SCENARIO
Recommendation: Sell
Waiting for Correction in Lower time frames and sell after completion of correction.
Good Luck
Will we cont. down? DXYDXY was .50 off from 100. We will make it to 100? Or do you think we are heading down for the rest of the year to $95 ???
We are at the bottom of the DXY channel and currently heading to the 50% medium of this range. If we get a 61 - 78% denial I can see us heading to 96.00 next.
US Dollar Index DXY forecast using supply and demandWhat is US Dollar Index DXY forecast using supply and demand technical analysis? Well, as discussed in previous video technical analysis in the past, we have a clear long term long bias on US Dollar Index DXY creating and respecting bigger timeframe demand levels and imbalances and eliminating obstacles in the form of supply imbalances.
In a clear uptrend we should only be interested in buying US Dollar Index DXY . If you are using other Forex trading strategies or even trading the lower timeframes using indicators and oscillators, you can use this supply and demand technical analysis on US Dollar Index DXY to plan your longs.
You might be using CCI or RSI oscillators or even moving average crosses and Bollinger Bands, we don't really need any of those to make a trading decision when trading supply and demand imbalances.
All we need to know is that we have a trend and direction and new demand levels created. The technical video analysis you can watch below shows a longer term US Dollar Index DXY analysis using the weekly timeframe as the main timeframe. New demand level has been created around $97, gained control and price is rallying strongly with a lot of room on the way up to a strong monthly supply level that is located near US Dollar Index DXY where shorts will be possible again.
DXY - Swing Trade If you’ve been reading and following the last couple posts you would know that we are disliking the US dollar against the looney. If you haven’t thats ok, just make sure you check em out after this. It adds further confirmation to the ideas presented.
If your dinner has been served and you’re ready to keep things simple then look at the weekly index for the dollar and notice the heavy divergence. Wait, let me stress this further, look at how dang LONG this has been developing for. Patience is a virtue and the market rewards those that are patient. I’m going to sound repetitive because you all are too greedy and always want to be in the market picking tops and picking bottoms.
This divergence and lack of momentum signals exhaustion and adds fuel to our shorts with UCAD. Don’t go bald pulling your hair out, hold on to the laurels this will be a ride. See ya soon folks.