USD still hovering at the Resistance zoneA bit of guessing need to take place here...but in general i do think USD is still gonna move up higher..need more info..
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Usdindex
DXY is more likely to continue dropping further after correctionI been following DXY for a while now and from my previous ideas on this, all my predictions had come true. What can we expect now? As I thought before that it would be more likely to develop some big bearish corrections and then drop down much further. Here I see a completed rising wedge that confirms that sellers will still continue pushing price further down. Before a push to the downside, we can expect some more bearish continuation corrections and then violate the wedge to the downside.
Right now we still need to be patient for price action to tell us what to do next.
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[DXY W1 Sept 2021]DXY // USDINDEX // USD // DOLLAR
Sell Setup
Continuation trade:
📰 We have seen a fakeout above 93.400, which has trapped MANY traders last week. I have emphasised many times that fundamentally this won't be long when the dollar resumes its bearishness due to the FED and tapering news. And clearly was brought to light on Friday.
👉🏻 As mentioned that 93.000 was a retest area before a selloff. Possible continuation to at least 91.500.
Daily Markups
DXY STILL TO FALL FURTHERDXY is going according to my predictions made 2 weeks ago. At this point it more likely to reach the second target.
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DXY Sell SignalPattern: Channel Up on 1D.
Signal: Sell as the price hit the Higher Highs trend-line (top) of the pattern.
Target: 90.000 (the 0.9 Fibonacci retracement).
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[DXY W1 Aug 2021]DXY USDollar
Short Setup
👉🏻 The dollar is moving unusually coherent with gold at the moment, however it is pretty much moving sideways. Previous highs of 93.4, 94.3 and 94.7 has not been broken, neither is the lows of 89.5 and 89.2. The recent drop from a rising wedge could lead so some further weakness in the dollar
DXY Bearish Cross on 1D MA50/100. Repeat of the 2017 pattern?The DXY has just formed a MA50 (blue trend-line)/ MA100 (green trend-line) Bearish Cross (BC) on the 1D time-frame. This alone has mostly been a sell sign in the past 4 years. What I am particularly more interested at is a similar occurrence I spotted on the fractal from 2017/ 2018.
The USD Index was trading on a 1 year Channel Down when the 1D MA50/100 BC took place, similar to the Channel Down it has been trading in since 2020. The 2018 BC delivered one last Lower Low within the Channel Down that formed the market bottom for the years that followed. That bottom was made on the -0.236 Fibonacci extension. That is currently just over 86.500. Can a similar Low be made this time? It is very possible with the fundamentals agreeing too, as the new Biden stimulus should further devaluate the USD. As you see the RSI and MACD fractals are also fairly similar.
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Dollar Index BuyPrice bounced off the weekly demand area last week.
Looks like NFP will be for the dollar this Friday if this structure holds.
Safest to wait for breakout retest departure then enter . Fake break outs are possible and price could turn bearish and turn this into a false structure.
Price could come down from the right shoulder to form a double bottom, that is another possible long setup.
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