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DXY is bottomingWhat is clear is that USD is weak but also is clear that the market can't be unidirectional indefinitely. Usd counterparts started the year strong but the new highs (and new lows for the index) are marginal and lacking power. So far all that USD could do was to have some intraday correction and I think this is about to change and we will have a lasting correction. That being said I will look for opportunities of buying USD and my preferred pairs are EurUsd, AudUsd and NzdUsd for short and UsdJpy&UsdCad for long trades
TVC:DXYLong
by Mihai_Iacob
5
DXY- Double bottom on H1, correction underway?As I correctly anticipated, DXY broke under 92 important support and that lead to a 1.5% loss for the index, a strong break above 1.2 for EurUsd and GbpUsd reaching 1.35. Now the index found support in 90.50 area and has formed a small double bottom visible on H1 chart. The neckline of the pattern is broken and we can expect a correction to 91.50 zone resistance. I will look to sell rallies for EurUsd, GbpUsd, AudUsd and NzdUsd in this context.
TVC:DXYLong
by Mihai_Iacob
2
DXY Top-Down Analysis (Key Decision Zone)Hello Traders, Here is the Top-Down Analysis of DXY for Week 50 - Dec 07 M > Price has dropped beyond monthly support and is approaching wide monthly demand zone. W > Placing Fib on last major bearish support (June - August 2020) we can see that price has just tested -0.272 level, if price fails to recover it can continue to drop till -0.618 level which also coincides with next monthly support. If current break of monthly support does not turn to be a false breakout and DXY fails to recover this week, we will have a bigger fall to next support facing much wider demand zone to deal with. D > Last daily candle ended in a Doji showing some sign of rejection but this is just not enough to expect a reversal. We have been seeing bullish divergence for sometime now price is continuing to defy the over sold state. As per COT DXY added both Long and Short, further reducing net positions (still in -ve). DXY weakened during the said period and it further weakened last week. 4H > Price has created double bottom at -0.272 Fib level and has ended the week on positive upward move. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions. Thank You AP17FX
TVC:DXY
by AP17FX
DXY Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of DXY (Monthly, Weekly, Daily for direction) for Week 45 - 02 Nov M > Price dropped till monthly support, faced rejection and started bullish move. After a huge bearish dump we expect price to retrace for correction till at least 0.382 Fib level on month bearish impulse. Price is yet to reach this level. We can also an M formation, its neck coincides with 0.5 Fib level on monthly bearish impulse. W > After rejection from monthly support price moved up till 0.5 Fib level on weekly bearish impulse and dropped again and faced rejection at weekly support. If we switch to line chart we can see a W formation. D > With its current rise price has broken daily support as well was downward resistance trend-line. As per COT DXY saw addition of both Long and Short positions, bettering net positions (though still in -ve). DXY was weak during the said week however it gained strength last week. In past few weeks DXY has improved its net positions, from -9K to -1.2K now. We can expect further strengthening of DXY. 4H > We get lot of clarity in 4H timeframe. We can see price dropping to test neck of W formation that we saw in W chart. We can also see price stopping for a pull back after breaking the downward resistance trend-line. During the pull back price has tested the trend-line as support before continuing with upward move. Market closed with price retracing to test resistance as support. We can now expect price to continue with its bullish move to test 0.5 Fib level again on W chart. If price manages to break this target to the upside then we will have monthly 0.382 Fib level as next target. Hence can expect all USD pairs, Gold and Silver to weaken. Thank You AP17FX
TVC:DXYLong
by AP17FX