Dollarindex
THE DOLLAR INDEX MIGHT SEE A CORRECTION OR EVEN A REVERSALthe dollar index might see a sell-off for quite a few while the reasons for it is
REASONS
1. on a 1week time frame we are seeing a strong resistance.
2. on the 1day time frame we are seeing double top on the resistance.
3. and on 15 min time frame, we can see a head and shoulder pattern and a descending triangle pattern.
4. if the US market stays positive today we could see and in verse affect the dollar index.
so, my suggestion is to stay against the dollar and you could eventually capture a big move
USDINR-evening star pattern at 4 hourFX_IDC:USDINR
Indian Rupee at all-time low which can mean:
1. RBI will intervene next week to make the bull run slow
2. Evening star at 4 hours look promising. One should watch the next 4 hourly candle.
3. The previous high, 77.88 can be a resistance for the next consolidation. The consolidation is possible as the Dollar is at all-time high and RBI might intervene.
The Fibonacci Game!After the yesterday's 160 pips fall, EURUSD took great support at $1.0776 - $1.07574 levels for a good 78 pips pull back therefrom.
Saw some rejection, Retraced 50% and ended up forming a wedge with a $1.07970 low and $1.08236 high.
There was quite a resistance at $1.08070 levels, Breakout therefrom made the high of $1.08236.
(Which happens to be the 61.8% Retracement level too).
When I got to my desk, This whole story was already in play. Price was travelling near the $1.08070 levels and thanks to the buying pressure reflected by the long wick and a hammer candle, which made the entire set up look like a re-test.
1) Getting some decent 1.95 Reward to Risk.
2) DXY seeking resistance at 100.49 levels and preparing for a quick Immediate fall.
3) Buying pressure at 61.8% retracement level.
4) Making higher highs - higher lows on a shorter timeframe.
These were the reasons for me to put on this quick trade for 13-14 pips.
It's just so amazing to see the way Fibonacci levels play out even on such a shorter timeframe.
Fun Fact (Just in case you didn't know) - Fibonacci Sequence was first discovered by an Indian mathematician Acharya Pingala.
Dollar to plunge & weaken in the long term?This is a long term analysis on TVC:DXY . Dollar has a strong supply area around 98. As long as 103 isn't crossed, we can expect lower levels of 80 soon. Considering global macro factors, this is a strong possibility. The rub off of this would be huge on other linked currencies. One can keep a watch on this in coming months.
Disclaimer : This is a long term view, not a trade idea for you to execute. Trade at your own risk and consult your financial advisors.
DOLLAR INDEXThe Dollar index witnessed over throw or fake breakout from ascending parallel channel due to excess optimism but it is now back into the channel. Pattern wise, it seems to be forming distribution triangle. MACD is also going negative in daily time frame along with turning towards negative in weekly time frame. Once it breaks down lower side of Triangle then it could show more bearish-ness, One can go short on break down of support line of triangle with stop loss of upper line of triangle pattern.
Break below this triangle can be trigger point for short.
Fake Breakout of parallel channel or Over-Throw.
macd in weekly converging towards negative crossover
macd in daily already running in negative crossover and downtick along with increasing histogram
rsi in daily down tick and below 50 range
stochastic in daily also down tick and negative
Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
US Dollar Index Buy Setup foundUS Dollar Index Buy Setup found
accoring to elliott wave analysis,
market created elliote 1,2,3,and wlliott 4th wave is running and creating the triangle pattern, as i have discussed with you all.
i will be in buy as i analysed us index.
Best of luck
Traders Trusted Academy
CORRECTION ON DXY * Falling relative strength on daily
* 2.618, 1.618 ABCD pattern
* 1.272 XABCD pattern
* ADX has consolidated below 20 level for more than a month now. Breakout above it is expected t confirm the move lower.
* Possible tgts of 93.400
* Hammer on monthly chart
* double top pattern on daily
* sell on rise DXY
* BUY EUR/USD
Dollar index DXYMy view is bearish on dollar and this is best bearish count to my mind.
61% retrace of whole decline of fall from 101 to 89 is almost achieved.
Even if dollar has to rise more to 78.6% retrace or complete 100% retrace to form a triangle , then also it has to provide a second X wave and then it may rise again for a final Z wave on upside before a larger decline back to 89 may start.
DXY Trading Plan - 23/Nov/2021Hello Traders,
Hope you all are doing good!!
I expect DXY to go DOWN after finishing this ending structure.
Look for your SELL setups.
Please follow me and like if you agree or this idea helps you out in your trading plan.
Disclaimer: This is just an idea. Please do your own analysis before opening a position. Always use SL & proper risk management.
Market can evolve anytime, hence, always do your analysis and learn trade management before following any idea