Dollar index has broken lower channal lineDollar index has broken lower channal line. it is taking support, if this support broken, then downtrend of dollar index will start
DXY trade ideas
USD H&S pattern USD has created a head and shoulders pattern. We could have a big push down soon. However, i dont like the pattern facing downward because they tend to fake out a lot instead of when the H&S pattern trends upward it breaks down. lets see how this plays out.
DXY looking for selling opportunitiesDXY seems to have dropped below the previous supporting trendline, breaking and retesting and promising a bearish move for this week
US Labor Market Rebounds with Strong Job GrowthOn December 6, 2024, the U.S. labor market exhibited a robust recovery, adding 227,000 jobs in November. This significant rebound followed October's modest increase of 36,000 jobs, which had been dampened by hurricanes and a major strike at Boeing.
Financial Times
Despite the strong job growth, the unemployment rate edged up to 4.2% from the previous month's 4.1%, indicating a slight expansion in the labor force. Wage growth remained solid, with average hourly earnings rising by 0.4% month-over-month and 4% year-over-year, reflecting sustained demand for labor.
New York Post
Financial markets responded to these developments with measured optimism. The S&P 500 and Nasdaq Composite reached new record highs, while the Dow Jones Industrial Average experienced a slight decline. The U.S. Dollar Index (DXY) increased by 0.25% to 105.9810, indicating a strengthening dollar.
Trading Economics
The Federal Reserve is closely monitoring these labor market indicators as it approaches its December 17-18 meeting. The solid job growth, coupled with a modest uptick in unemployment, suggests that the labor market is expanding without significant inflationary pressures. This scenario provides the Fed with the flexibility to consider a potential interest rate cut, aiming to support economic growth while keeping inflation in check.
Reuters
In summary, the latest labor market data portrays a resilient U.S. economy, with strong job creation and controlled wage growth. These factors contribute to a favorable environment for the U.S. dollar, as investors anticipate the Federal Reserve's forthcoming monetary policy decisions.
USD Index // Preparation for the ExpansionThe Dollar Index is bearish on the daily, within the valid daily countertrend.
The H4 long countertrend is also valid, and since in this trend, there is no space to trade, I'm waiting for the market to turn south in the direction of the daily short trend.
My trigger is at the H4 breakout. Once this level is broken, I'm in to ride the wave down to the daily breakout (blue) and maybe to the weekly breakout (purple).
The correction fibo is drawn with thin black dashed lines, and 38.2 is pretty much in line with the daily breakout, therefore, a nice target.
Going for the correction fibo 50 is a bit more risky, and there is the weekly breakout along the way.
Stay Patient, Stay Disciplined!
🏄🏼♂️
And feel free to express your opinion in the comments! 🙂
DXY - Index About to Kiss 105 or Lower?20SMA - Blue
200SMA - Pink
Key Confluence Areas - Grey Lines
Market Structure Support/Resistance - Green/Red Dashed Lines
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How I see it:
Head & shoulder 1D structure. Classic lower right shoulder!
Curled 20SMA could offer resistance and/or limit upward attempts.
Will structure be respected for a fall towards 105 or next key support?
KEYNOTE:
Weekly inverse rejection candle close; we'll see if the wick offers any upward assistance.
I deeply appreciate you taking the time to study my analysis and point of view.
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DXY MOVE DOWN AHEAD|SHORT|
✅DXY broke the rising
Support line and is now
Making a retest so as we
Are bearish biased we will
Be expecting a further move down
SHORT🔥
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Weekly Forex Forecast: USD is Bullish In The Short Term!The USD Index closed last week very bearish, trading through the previous week's low. A pullback makes sense for this week, at least for the beginning of it. With NFP coming on Friday, trading up until Wed may be the safest way to go.
Check the comments section below for updates regarding this analysis throughout the week.
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Transcript
DXY afternoon technical analysisTechnical analysis for DXY.
As long as 104.636 and 103.373 hold as support, bulls looking for move into the 112-114 area to complete wave ((3)) of C.
#dxy #elliottwave long buy setup wave c b b w 6Dec24This count is based on my assumptions so anything can happen not a trading or financial advice just for educational purposes only kindly do your own ta thanks trade with care good luck.
DXY AND CORRELATIONS i wanted to show you guys what to be aware of and real trades i will be taking on my channel, i do scalp majority of the time i just didn't do it today because of news but i will be looking for scalps as the market settles for next week and wanted to show you a scalp that is my favorite to look for in terms of trading SMC concepts.
I wanted to run you through GBP/USD its one of my favorite correlators with dxy there was a definitely set up that i trade 99% of the time unless news in in the way. i still wanted to show you guys because it will be a reoccurring trade here that you will see repeatedly.
Let me know if this helps you :)
DXY Position for 12/6 - 12/13/24Hey guys i want to give you guys some insight as I've been trading these concepts for the last two - three years now using these concepts. I don't really care what people think I'm strictly using this a way to show you guys that these concepts work i try not to over complicate it and for two I'm not always right i do get it wrong but will use great risk reward to out weigh my losses.
So to start we have High impact news tomorrow, Which is what i will be watching for ideally i want the Short term buy side liquidity to be ran through tomorrow but again I'm going to be watching because it doesn't necessarily need to it can easily dump to buyside imbalance sell side inefficiency without returning to the liquidity on the buy side.
I will be waiting before i make a decision if we do get a aggressive move tomorrow towards the upside then i will be waiting for a shift in market structure back down to the liquidity on the sell side again I'm currently neutral until we get more insight for tomorrow
but i hope this helps. let me know if this helps you :)
DXY - Make or Break ScenarioSupport has been holding Dollar for past few days and MA200 was touched. High probabilities that Dollar break the trendline and aim for upper levels however a break of support will open lower levels.
For entries, please wait for at least two candle reversals at the specified level and apply appropriate risk management.
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Disclaimer: This content is for educational purposes only and should not be considered financial advice.
The U.S. Dollar Index (DXY) currently reflects a bearish trend The U.S. Dollar Index (DXY) currently reflects a bearish trend on the 4-hour chart. The immediate resistance is around 106.620, while the current price gravitates towards the support level at 105.250. This downtrend aligns with technical indicators signaling potential bearish momentum.
Recent trading data confirms a drop to around 105.93 during the last session, reinforcing expectations of further downward movement, possibly testing the 105.250 level soon.
MACRO INSIGHTS: PAYROLLS (NFP*)Several FOMC members have signaled a willingness to consider another Fed funds rate cut at the upcoming December meeting. However, a significant miss in key economic data—such as November’s BLS payrolls coming in below 200,000 m/m—could prompt the FOMC to act decisively and implement another rate cut.
DeGRAM | DXY testing of the supportDXY is in a descending channel between trend lines.
The chart is forming a descending structure.
The price has already reached the upper boundary of the channel and is now testing the support level and the lower trend line.
We expect the decline to continue after consolidation under the dynamic support level.
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change the trendIt is expected that the correction trend will continue to the green range.
Then, given the behavior of the index in this range, the continuation of the movement trend will be according to the specified paths
DxySecond sell on dxy.
After first leg I think second leg will happen.
Entry bar and signal bar in 30m.
DXY Potential UpsidesHey Traders, in today's trading session we are monitoring DXY for a buying opportunity around 105.400 zone, DXY is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 105.400 support and resistance area.
Trade safe, Joe.
DXY - Double Bottom Hints For A ReversalWe previously highlighted that Dollar broke previous support and was heading to below levels. It has tapped below level and now formed a Double Bottom. With the year end profit taking and Trump coming in power next year, we may see a continuous Bull Run.
EMA 50 is also nearing a cross above MA 200 which should confirm this move. A break of support will void the double bottom and open lower levels.
For entries, please wait for at least two candle reversals at the specified level and apply appropriate risk management.
If you found this analysis helpful, please consider boosting and following for more updates.
Disclaimer: This content is for educational purposes only and should not be considered financial advice.
DOLLAR INDEX - BEARISH MOVEHello Traders !
On friday 22 Nov, The Dollar Index reached the resistance level (107.993 - 107.274).
At present, The Higher low is broken (Change of character).
So, I expect a bearish move📉
________________
TARGET: 104.640🎯
