Dxy- Now whatAfter breaking up the falling wedge, Dxy has reached the pattern's target and now is trading in very strong resistance zone that lies around 91.50.
A correction can follow at this point and 90.50 could be the target
Dxyforecast
DXY Idea on 16 June 2021 #H4As we see dxy chart on 16 June 2021, after dxy finish running on flat price range between 90.400 - 90.600 from 13 June to 16 June, As FED meeting would affect the interest rate and US Dollars.
Trading plan, Wait for break out Flat Range and long at retest around 90.600 Target 90.800-90.850
DOLLAR INDEX DXY - H4 - SLOWLY BUT SURELY WE RISEDollar Index - H4 - Steady and consistent uptrend on the hourly timeframe on DXY. We're expecting a dip early on next week then a strong rally later on in the week.
DXY holding on to consolidation mood
After last week's NFP unexpected red results, the DXY remains under seller pressure- Barely holding on to the 90 handle. A breakout of that level could bring a strong bearish momentum that might get prices around 89.70
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DXY Bearish Than BullishDollar create descending channel with hidden bearish divergence. So now its gonna complete 5 than supper bullish for dollar!
DXY BearishPresident Mr Biden to Propose $6 Trillion Budget to Boost Middle Class and Infrastructure, So Dollar will print & weak from this level!
Dollar Index DXY Go UpDollar Index will increase in this week. Because it has support from US10Y remains above 1.6
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DXY- Finally a bullish signAs I mentioned a few post back, Dxy is trading in a falling wedge and losses are marginal which can mean reversal.
Now we have the first bullish sign from the index with a break above the wedge's resistance
A short term horizontal resistance is in play at this moment and if this is broken also we can have a correction in USD pairs
DXY Long Setup USD Relief Rally The dollar has been under some pressure and now I think
we will see a reverse in trend towards the upside .
I have drawn the obvious head and shoulders with the right shoulder to possibly develop.
In which case I favour a move upwards towards the 91 area which will build
our right shoulder .
This in turn will put pressure on Gold prices * See below for my gold short analysis * .
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Know your Invalidation and use a SL .
DXY- A clear falling wedgeSince the beginning of May, USD was weak and dropped again under 90 figure.
However, the drop is not impulsive and the lows are marginal, forming a falling wedge on the lower TFs.
A break of wedge's resistance could lead to acceleration to the upside and we finally can have a correction on usd pairs
