DXY 4H Breakout? Bulls Eye Momentum Shift!Hey There;
The U.S. Dollar Index (DXY) appears to have reached a critical turning point from a technical analysis perspective. According to Elliott Wave Theory, following a five-wave downtrend, the AB corrective wave has been completed, and a bullish movement towards the C wave is emerging. This scenario could signal a transition from a bearish market to a bullish one.
Technical Outlook:
- A move towards 104.460 on the DXY may indicate that the market is entering a strong recovery phase.
- The completion of the AB corrective wave suggests that buyers are stepping in, driving upward momentum in price action.
- The C wave typically retraces a portion of the prior decline, creating potential for a higher price level.
Macroeconomic Factors:
- U.S. monetary policy and inflation data remain key determinants of the dollar index’s trajectory.
- Increased global risk appetite may bolster the dollar’s appeal as a safe-haven asset.
- U.S. Treasury yields could provide additional support for DXY’s upward movement.
If DXY successfully reaches 104.460, this could confirm a shift into a bullish trend. However, the strength and sustainability of the C wave will depend on supportive volume and momentum indicators. The interplay between technical and fundamental factors could drive a solid recovery in the dollar index.
Should this scenario unfold, it may mark the beginning of a renewed period of dollar strength against global currencies. However, market dynamics and macroeconomic developments must be monitored closely to validate this outlook.
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Forecast
NG1! BEARS ARE STRONG HERE|SHORT
NG1! SIGNAL
Trade Direction: short
Entry Level: 3.461
Target Level: 3.044
Stop Loss: 3.737
RISK PROFILE
Risk level: medium
Suggested risk: 1%
Timeframe: 12h
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GBP/NZD SHORT FROM RESISTANCE
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The BB upper band is nearby so GBP-NZD is in the overbought territory. Thus, despite the uptrend on the 1W timeframe I think that we will see a bearish reaction from the resistance line above and a move down towards the target at around 2.218.
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NATGAS: Forecast & Technical Analysis
The recent price action on the NATGAS pair was keeping me on the fence, however, my bias is slowly but surely changing into the bullish one and I think we will see the price go up.
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USDCHF Will Go Up From Support! Long!
Please, check our technical outlook for USDCHF.
Time Frame: 2h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a key horizontal level 0.822.
Considering the today's price action, probabilities will be high to see a movement to 0.826.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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BITCOIN BULLS WILL DOMINATE THE MARKET|LONG
BITCOIN SIGNAL
Trade Direction: long
Entry Level: 104,686.94
Target Level: 111,091.02
Stop Loss: 100,407.14
RISK PROFILE
Risk level: medium
Suggested risk: 1%
Timeframe: 9h
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GBP/AUD SENDS CLEAR BEARISH SIGNALS|SHORT
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Previous week’s green candle means that for us the GBP/AUD pair is in the uptrend. And the current movement leg was also up but the resistance line will be hit soon and upper BB band proximity will signal an overbought condition so we will go for a counter-trend short trade with the target being at 2.041.
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GBPCHF: Bullish Continuation is Expected! Here is Why:
It is essential that we apply multitimeframe technical analysis and there is no better example of why that is the case than the current GBPCHF chart which, if analyzed properly, clearly points in the upward direction.
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EURUSD: Bullish Forecast & Outlook
The analysis of the EURUSD chart clearly shows us that the pair is finally about to go up due to the rising pressure from the buyers.
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GOLD Will Go Up! Long!
Take a look at our analysis for GOLD.
Time Frame: 15m
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is on a crucial zone of demand 3,295.78.
The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 3,310.58 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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EURUSD Will Move Lower! Sell!
Please, check our technical outlook for EURUSD.
Time Frame: 4h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The price is testing a key resistance 1.133.
Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 1.124 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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GBPUSD Is Bearish! Short!
Here is our detailed technical review for GBPUSD.
Time Frame: 12h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is trading around a solid horizontal structure 1.347.
The above observations make me that the market will inevitably achieve 1.325 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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GBPJPY Is Very Bullish! Buy!
Take a look at our analysis for GBPJPY.
Time Frame: 4h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is testing a major horizontal structure 193.933.
Taking into consideration the structure & trend analysis, I believe that the market will reach 195.006 level soon.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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BITCOIN Will Fall! Short!
Here is our detailed technical review for BITCOIN.
Time Frame: 4h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is approaching a significant resistance area 108,507.32.
Due to the fact that we see a positive bearish reaction from the underlined area, I strongly believe that sellers will manage to push the price all the way down to 105,553.71 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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AUDJPY Will Go Lower! Short!
Please, check our technical outlook for AUDJPY.
Time Frame: 2h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The price is testing a key resistance 93.565.
Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 92.996 level.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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USOIL SELLERS WILL DOMINATE THE MARKET|SHORT
USOIL SIGNAL
Trade Direction: short
Entry Level: 61.25
Target Level: 56.17
Stop Loss: 64.55
RISK PROFILE
Risk level: medium
Suggested risk: 1%
Timeframe: 1D
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EUR/CAD BEARS ARE STRONG HERE|SHORT
Hello, Friends!
EUR/CAD pair is trading in a local uptrend which we know by looking at the previous 1W candle which is green. On the 6H timeframe the pair is going up too. The pair is overbought because the price is close to the upper band of the BB indicator. So we are looking to sell the pair with the upper BB line acting as resistance. The next target is 1.554 area.
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NZD/CHF LONG FROM SUPPORT
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The BB lower band is nearby so NZD-CHF is in the oversold territory. Thus, despite the downtrend on the 1W timeframe I think that we will see a bullish reaction from the support line below and a move up towards the target at around 0.495.
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USD/JPY BEST PLACE TO BUY FROM|LONG
USD/JPY SIGNAL
Trade Direction: long
Entry Level: 143.655
Target Level: 145.800
Stop Loss: 142.221
RISK PROFILE
Risk level: medium
Suggested risk: 1%
Timeframe: 3h
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US500 Is Going Down! Sell!
Please, check our technical outlook for US500.
Time Frame: 1D
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is approaching a key horizontal level 5,960.96.
Considering the today's price action, probabilities will be high to see a movement to 5,538.99.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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USDJPY Will Go Lower From Resistance! Sell!
Take a look at our analysis for USDJPY.
Time Frame: 12h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is on a crucial zone of supply 145.162.
The above-mentioned technicals clearly indicate the dominance of sellers on the market. I recommend shorting the instrument, aiming at 142.359 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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NZDCHF: Weak Market & Bearish Forecast
It is essential that we apply multitimeframe technical analysis and there is no better example of why that is the case than the current NZDCHF chart which, if analyzed properly, clearly points in the downward direction.
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