DXY Outlook for Short Term to Medium TermThe idea is to see whether DXY still face the pressure or time to getting stronger. Well, in this video I try to combine what i see in Daily chart and Weekly chart. As it seen from March 2020, DXY has been fall sharply and then we see it rebound in the last 2 months. And still going to raise further. But as seen on the daily chart, we found that Resistance exist above today's run and probably will give some adjustment. If the dollar success to break the resistance, and also the historical price, we will see stronger dollar in the next few days to months ahead.
Pressure since march 2020 following the Elliott Wave count. And it has already reach 5th Wave in the downtrend. Of course this has to be reversal. But the trend channel in Daily chart shows that we are also having some resistance in the latest run, and possible to have a double top pattern. If this effective to reject the uptrend, then we will see that the dollar will return to bearish pattern. But, we are also see that this trend channel is possible to continue to push the dollar upward. That means we need to see the resistance to be broken. If this happen, we will see the raise further and the dollar getting stronger.
While in the weekly chart, as it seen, we are seeing the confirmation from Double Top. So, Small double top in daily, also Big Double Top in Weekly. The problem is the neckline in weekly chart has not been broken yet. I don't know if we will have it broken in coming days or weeks ... or maybe months ahead. But we will need to see the confirmation. In the weekly chart, I also figure out the potential 5th wave of Elliott Wave has not been formed yet. So, the uptrend we saw recently in the last 2 months is categorized as the 4th wave or the pullback. And if the resistance proven to be strong, then we will see the rejection, and dollar could be falling further. And that means the 5th wave will coming soon.
So, which one do you see? The rebound as potential Bullish Reversal or Rebound only for Pullback and then ready for falling further?
Irpan Supiandi,
Research Division of PT Agrodana Futures
(Indonesian Brokerage Firm Regulated under BAPPEBTI, KBI & ICDX)
