USDX Chart H1Here is my view for USDX on H1. The price could go bearish, you can put a pending order on the Order block or find an entry on LTF within OB Zone. Trade Safe!
Usdxsell
USDX Idea H4Here is my view for USDX on H4. The price could go bearish, you can put a pending order on the Order block or find an entry on LTF within OB Zone. Trade Safe!
US DOLLAR INDEX BEARIS OUTLOOKInflation is USA still remains high, but it have eased a bit, showing the CPI published yesterday. The investors are currently more worried regarding the interest rate increase that Fed is planning to implement in order to continue slowing the inflation.
USDX broke the support of the triangle pattern on the 1 day graph, which might indicate a downturn for the instrument, which is supported by both MACD histogram, which is steadily under the zero line, and the RSI index.
If the pattern does not realize the instrument might return to its open from yesterday at 106, but if it gets realized, it might reach levels of 103.3
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Short DXY for 2021Using equidistant channel, the DXY is still on a monthly fall with a possible lower channel support on 87.578.
In view of a larger bullish channel, a stronger support maybe around 79.50.
This bearish move seems to be of higher probability in view of potential economic stimulus in the pipeline, aligned with the narrative COVID-19 market playbook: extreme instability before unified order.
Intermediate stop loss: 91.50
1st profit target: 87.578
Another reason why DXY should fallUSDX - there is strong resistance at 98.4-.6
Almost no momentum left for USDX to rally further
