Bullish Signs for DXY 10 AugLooking for a strong dollar next week. We have close above a strong support and we can also see an weekly pinbar which indicates an bullish reversal
Dxylong
Looking for reversal in DXY under 102.2 zone(8/5/2024)In our last analysis, our prediction played well, the DXY corrected to 103.7, and after NFP data reached 102.7.
With the fear of recession and NFP data, We are expecting DXY to retest the 102 zones.
Our technical view has been shown in the chart.
If you like it then Support us by liking, Following, and Sharing.
Thanks For Reading
Team Fortuna
-RC
(Disclaimer: Published ideas and other Contents on this page are for educational purposes and do not include a financial recommendation. Trading is Risky, so before any action do your research.)
DXY coold down before going up. Inv H&S pattern.The TVC:DXY is experiencing a cooldown, as indicated by the MACD. It was overbought and needs to relax a bit. However, this is not a reversal; it is just a reaccumulation. The inverse head and shoulders pattern suggests a target of $106 if the pattern stops at the bottom of the right shoulder, returning to its previous level and ready for more uptrend.
A buy in the green zone is a safe entry.
Always do your own research (DYOR). This is just chart analysis, not financial advice.
US economic recovery, good news for the global economyDXY: The USD index last week maintained an accumulation status around the 104.10-104.50 range and has not broken out yet. It is likely that the market will need information from this week's FOMC to have clearer trends. In the short term, it is expected that today, DXY will continue to accumulate around this price range, so you can consider buying USD when DXY retests 104.10.
--
On July 25, the US Department of Commerce released a report showing that the world's largest economy grew by 2.8% in the period from April to June 2024 (twice as high as the previous quarter).
This growth is considered solid, as the US Federal Reserve's (Fed) inflation control measures seem to be effective.
Inflation, one of the key factors influencing the Fed’s monetary policy, is showing signs of cooling. The annual inflation rate fell to 3.2% in June, down from a peak of 9.1% last year. This development is believed to be the result of the Fed’s continuous interest rate hikes over the past year.
DXY- False break and strong reversal ahead?
Last week, the DXY broke below important horizontal support.
However, the next day, the index reversed its losses, followed by a bullish candle on Friday.
This created a strong reversal candle on our weekly chart, making us wonder if the initial break was false.
Now, the index is consolidating above this important horizontal support.
A break above the current lateral consolidation could lead to an upward acceleration.
Typically, after a false break, the asset moves in the opposite direction to test the next significant level.
For the DXY, this sets a target in the 1.0650 zone.
USD Sell-off Sinks to Multi-Month LowsUS Dollar declines eleven of the beyond 14 days- breaks multi-month uptrend / lows
USD technical guide hurdle now in view- chance for rate inflection withinside the days in advance
Resistance 104.08, ~104.40, 104.90s (key)- Support 103.49/60, 102.74/99 (key), 102.35
The US Dollar Index has plunged for eleven of the beyond 14 days (nowadays could entire 12) with a 3rd weekly decline taking DXY closer to preliminary technical guide. While the medium-time period outlook stays weighted to the downside, we're in search of viable rate inflection into fashion guide simply decrease withinside the days in advance for guidance. Battles traces drawn at the DXY short-time period technical charts into the near of the month.
Review my state-of-the-art Weekly Strategy Webinar for an in-intensity breakdown of this US Dollar technical setup and more. Join stay on Monday`s at 8:30am EST.
Technical Outlook: In final month`s USD Short-time period Outlook, we mentioned that USD become drawing near resistance at multi-week highs and that, “losses be restrained to the 200-DMA IF rate is heading better in this stretch with a near above 105.seventy one had to gas the subsequent leg in rate. Note that losses underneath 104.15 may want to see matters crumble alternatively quickly- tread gently on a take a look at of this guide IF reached.” The index rallied some other 0.8% withinside the following days with DXY reversing off the 2023 excessive-week near (HWC) at 106.10 into the near of June (intraday excessive registered at 106.13).
DXY
The DXY price is currently in a bearish trend, moving within a major descending channel. However, our plan is to enter on the bullish side since the price has broken out of the descending trendline and completed an Elliott Wave 12345 pattern. We will enter after a bullish confirmation at a key level, anticipating the price to follow the Elliott Wave ABC correction pattern.
DXY: UP or DOWN ?Hello traders, hope you are doing great.
For upcoming Days, I think we'll probably see a downtrend correction in DXY at first and after that we'll probably see growth up to the specified Level and beyond that.
and finally tell me what do you think? UP or DOWN? leave your comment below .
If this post was helpful to you, please like it and share with your friends.
Thanks.
US Dollar Index Technical Forecast: USD Weekly Trade LevelsTechnical Outlook: In remaining month`s US Dollar Technical Forecast we mentioned that DXY was, “buying and selling into confluent guide this week on the 52-week transferring average / 38.2% retracement of the December rally at 103.96-104.26 – searching out a response / feasible rate inflection right here over the following few days.” The index grew to become better two-days later with USD surging greater than 2% off the June lows. The rally faltered at key resistance into the near of the month on the 2023 / 2024 high-week closes (HWC) at 106.10/11- the point of interest is on feasible inflection off this threshold with the long-bias susceptible whilst below.
Initial weekly guide rests with the June low-week reversal near at 104.ninety five sponsored through key guide once more on the 52-week transferring average / 38.2% retracement, now 104.21/26- losses need to be constrained to this threshold for the January uptrend to stay viable. Broader, bullish invalidation regular at 102.87/99- a area outline through the 61.8% Fibonacci retracement of the December rally, the 2016 high-near, and the 2023 January low-week near (LWC).
A topside breach / weekly near above 106.10 might be had to mark uptrend resumption with next goals eyed on the 50% retracement of the 2022 decline / 2023 highs at 107.18/34 and key resistance on the 100% extension of the 2023 advance / 61.8% retracement at 108.38/97- search for a bigger response there IF reached.
DXY declined when Biden withdrew from the White HouseDXY: The USD index in today's session has reacted to a decrease and correction right after the information last weekend. Showing a bearish outlook in the context of Biden's withdrawal from the white house. The scenario in today's trading session is that DXY is expected to continue to weaken. Ace, please consider selling with USD
US President Joe Biden introduced the stop of his re-election marketing campaign on July 21 (US time) and nominated Vice President Kamala Harris to update him because the Democratic presidential candidate.
In the assertion on
This week, he's scheduled to present a public speech.
Being your president is the greatest honor of my life. Although I intend to run for re-election, I believe that for the best interests of my party and the country, I should stop and only focus on completing my presidential duties," Mr. Biden wrote.
A few minutes after the above message, he wrote another message supporting Ms. Harris. "I chose Ms. Kamala Harris as my vice presidential candidate in the 2020 race. And it was the best decision I made," he continued.
DXY TVC:DXY (MMBM)
Market Maker BUY Model
- This view is in the medium term /
Just a technical overview and not an invitation to buy or sell
- you are responsible for your decision
US stocks and bond yields increased sharplyLong-time period U.S. bond yields rose on expectancies that Trump`s rules could boom authorities debt and inflation, at the same time as cryptocurrency shares additionally rose together with Bitcoin. Trump has delivered himself as a cryptocurrency advocate.
Investors say a Trump victory may want to imply greater tax cuts and a greater comfortable regulatory environment. The S&P 500's strength region rose 1.6%.
Impact from assassination and hobby rates
On making a bet web website online PredictIt, the agreement for a Trump victory become buying and selling at sixty eight cents, up from 60 cents on Friday, with a capacity agreement of $1. Contracts for a Biden victory had been at 26 cents.
The assassination in Pennsylvania on Saturday of Trump regarded to enhance his election chances. The 20-year-antique attacker's reasons continue to be a mystery, with the suspect killed and the FBI not able to decide the intentions in the back of the attack.
“The marketing and marketing round this occasion is offering a boost,” stated Josh Wein, portfolio supervisor at Hennessy Funds. “But in latest days the inventory marketplace has increased. So that is a continuation of a sturdy rally from the second one 1/2 of of remaining week while we found out that there has been purpose to rejoice the concept that there might be one and now probably price cuts in stop of the year."
DXY IndexPair : DXY Index
Description :
Bullish Channel as an Corrective Pattern in Short Time Frame and Breakout of Lower Trend Line
Break of Structure
RSI - Divergence
Completed " 12345 " Impulsive Waves
Demand Zone as Support
DXY Analysis. Bullish dollarHello everyone i want share my idea about Dollar index.
From the beginning of the year dollar changed trend from bearish to bullish which is absolutely logical and still we are uptrend, in this year everyone waiting for cut rates which will positive for dollar and this 6 month upside movement is signal, the trend will be bullish next six month.
At the moment we see some correction of dollar index which is the best tool to understand what will happen to dollar pairs ( not to USDJPY pair, JPY is in trouble, the price moves different) i used support and resistance zones at higher timeframe to understand where the correction will end, then i used fibonacci tool and scenes what will happen when price will come at the point.
I am bullish at dollar for that i am waiting my first and second scene which is bullish movement but if i will be wrong i have prepared third scene which will cover my loses.
IF I AM WRONG I WILL ACCEPT IT AND FOLLOW TO PRICE ACTION!
ALWAYS MAK YOUR OWN RESERACH!
I WILL UPDATE THIS IDEA EVERY WEEK.
DXY rebounded after news about USDPlease follow my analysis DXY: Yesterday's USD index re-tested the bottom area then rebounded. On the H4 frame, a set of reversal candles appeared, but this morning's session has a decreasing GAP, so in the short term, it is expected that DXY will test this support zone again and then may increase again. Ace can consider buying with USD today
DXY - testing the bottom, rebounding on news daysDXY: Yesterday's USD index re-tested the bottom area then rebounded. On the H4 frame, a set of reversal candles appeared, but this morning's session has a decreasing GAP, so in the short term, it is expected that DXY will test this support zone again and then may increase again. Ace can consider buying with USD today
DXY Poised for Bullish Rebound: Targets Set for 106 and Beyond The U.S. Dollar Index (DXY) is showing signs of a potential bullish rebound as it approaches a critical ascending support line. Currently trading around 104.957, the index has maintained this uptrend since early 2024, suggesting strong underlying support.
Technical Analysis:
Support Line:
The green ascending trendline has been a key support for the DXY, providing a solid foundation for potential upward movements. As the index approaches this line, we could see a bounce back toward higher levels.
MACD (5, 8, 3):
The MACD indicator, despite showing a slight bearish divergence with the signal line crossing below the MACD line, is hovering near the zero line. This suggests that bearish momentum is weakening, and a bullish crossover could be imminent.
RSI (26, 14, 2):
The RSI indicator is currently at 42.43, indicating that the index is nearing oversold territory. Historically, RSI levels around 40 have marked the beginning of bullish reversals for the DXY. Additionally, the RSI is nearing a key support level, enhancing the likelihood of a bounce.
Bullish Targets:
First Target: 106.00
The first target for the DXY in a bullish scenario is 106.00. This level has previously acted as resistance, and breaking above it could signal further bullish momentum.
Second Target: 107.50
If the index manages to surpass the 106.00 level, the next target would be 107.50. This level represents a previous peak and would serve as a significant milestone for the bulls.
Major Target: 109.00
In a sustained bullish rally, the DXY could aim for 109.00. This major resistance level would mark a significant recovery and indicate strong bullish sentiment in the market.
Conclusion:
The DXY is currently positioned at a crucial juncture. The ascending support line, coupled with weakening bearish momentum on the MACD and an oversold RSI, suggests a potential bullish reversal. Traders should watch for a bounce from the current support levels, with targets set at 106.00, 107.50, and 109.00. Maintaining a close eye on these technical indicators will provide clearer insights into the future direction of the DXY.
Is the correction coming?If we analyze the current dynamics of TVC:DXY , there is a probability that in the third quarter of 2024 the index will come out of accumulation and reach the levels of 109.535 and 113.148.
Note that the growth of TVC:DXY is usually accompanied by a correction in the financial markets.
DXY: there will be a correction todayDXY: The USD index yesterday fell sharply, penetrating the support zone and creating a head and shoulders pattern that can be clearly observed in the H1 frame in the context of negative information focusing on the US yesterday. And the FOMC meeting somewhat supported the USD's adjustment, but not significantly. Regarding technical factors this morning, DXY tested the neckline again, so it is likely that USD will continue to decline today. Consider maintaining a short position with USD.
DXY:C has bearish GAP reactions amid election newsDXY: The USD index is having transient reactions withinside the establishing consultation of the week with GAP falling sharply in a touchy context because of election news. In phrases of technical factors, with this GAP pressure, it's far viable that the USD will witness a bigger correction that could increase the buildup variety to the 105.6 area. You can keep in mind quick promoting the USD today.
DXY moved into a narrow range but looks bullish**Monthly Chart**
DXY has been moving into a long-term range between 107 and 100 levels (round numbers) from January 2023. Last month candles closed lower after creating manipulation candles on monthly. This month's candle (currently active) tested the low of the previous two months and pushed higher with the NFP announcement last Friday. This moved DXY back into a narrow range.
Note: I don’t trade DXY but I use it as an indication when analyzing other currency pairs linked to USD.
**Weekly Chart**
Last week the DXY closed higher after testing the daily swing low and liquidity pool around 104 level. It closed as a weekly bullish key reversal (low test) candle pattern which indicates a move of the price will be bullish for next week. The next target will be around 106, followed by 107.34 levels.
**Daily Chart**
You can see the impact of NFP and Employment Change that created a massive bullish candle on Friday after testing the Imbalance price action (IPA) for the entire week near the previous daily low and liquidity pool. This candle is a new IPA that will need to be tested for liquidity again this week. I will be looking for a retracement towards at least 50% of this candle which will provide a second confirmation that the move for DXY will be bullish for the upcoming weeks.
This is another indication to look for selling opportunities for other currencies against the USD. Such as EURUSD, AUDUSD, and GBPUSD to go short for this week.
DXY: USD index still maintains bullish stanceDXY: The USD index yesterday received both good and bad news. Therefore, we see that the USD largely maintains a state of accumulation and adjustment. On the Daily frame, a fairly positive candlestick is formed around the 105.70 threshold. However, in today's session, DXY is at risk of a deeper correction to around the 105.50 - 106.00 area and maintains its accumulation state today. You can consider buying USD when DXY returns to the 105.5-105.6 area.
