DXY at Major Support – Dollar Ready to Rebound?

Sep 9

Today, I want to analyze the DXY index(DXY) for you. First, I must say that this week, US indexes can have an impact on the DXY index trend.

US indexes to be released this week:

Core PPI m/m: Tomorrow

PPI m/m: Tomorrow

Core CPI m/m: Thursday

CPI m/m: Thursday

CPI y/y: Thursday

Unemployment Claims: Thursday

Prelim UoM Consumer Sentiment: Friday

Prelim UoM Inflation Expectations: Friday

The DXY Index is currently moving near the Support zone($97.989-$97.834), Yearly Support(2), and the lower line of the descending channel.

In terms of Elliott Wave theory, it seems that the DXY index has managed to complete microwave 5 of the main wave C. The corrective structure is of the Zigzag Correction(ABC/5-3-5) type.

Also, we can see the Regular Divergence (RD+) between consecutive valleys.

I expect the DXY index to rise to at least $98.07(First Target) before the US indexes are announced.

Second Target: $98.56

Stop Loss(SL): $96.997

Note: With the DXY index rising, we can expect a correction in Gold(XAUUSD), Bitcoin(BTCUSDT), and major Forex pairs (dollar strength).

Please respect each other's ideas and express them politely if you agree or disagree.

U.S. Dollar Index Analyze (DXYUSD), 1-hour time frame.

Be sure to follow the updated ideas.

Do not forget to put a Stop loss for your positions (For every position you want to open).

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Sep 10

Trade active

Trade was activated in Support zone($97.430-$97.100)

Sep 12

Trade closed: target reached

First Target Done($98.07)

Of course, I think there is still a possibility for the DXY index to increase.