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Dollar index bullish breakout Dollar index saw a sharp rally previous week and we saw some retracement in the index on friday, however we are now seeing another round of rally and this time is looks like a consolidation pattern is being formed and the breakout from the pattern will be bearish for bullion and even equities. The index took support from the pivot level and then is bouncing up which confirms the trend more. There is likely to be more pressure if we see the breakout sustain, this is also coming after a significant rate hike by the ECB last week which was a bit of a surprise. Despite that the pound did not gain significantly against the dollar which means the market participants are anticipating the fed to also raise the rates in line with the ECB decision. Overall it will be interesting to see if the index holds up above these levels. If it does so for a period of time a sharp rally cannot be ruled out. Any forex pair will have to be traded keeping the same in mind.
TVC:DXYLong
by anshuman_05
DXY bullish? ICT Concepts application.Hello Traders! I mentioned in the last update of the BTC idea, how I started learning ICT concepts, around a month back. This is the first idea to be published based on those concepts. One must understand that these concepts are vast, and I've only begun it. Everything gets better with more and more practice. 1. Let's begin from 14th April 2023, where DXY market made a new swing low on the daily. We see a massive, fast move up. A 4hr swing high (white highlight) is broken. The market makes a double top (red highlights) and falls. 2. Since, a swing high was broken, we could look for potential moves up from the white 4hr POB (potential order block). This block also coincided with the 70.5% percent Fib level. This Fib was taken from an institutional level of 100.50. I know. Those who don't know ICT concepts find this amusing and, at times, even stupid. But it really does work. I initially was wary of using it but, the more I practice, the more I gain the confidence of doing this. Test it out yourself before you take my words. 3. Market moved up drastically just as was originally expected, grabbing the liquidity from above the double tops and creating a new swing high (neon highlight). ICT stresses on looking at equal lows or highs with suspicion. Every trader knows that the stops of the people who shorted and the orders of people willing to go long on the break of the high rest there, creating liquidity. 4. This new swing high gave us another window of likely opportunity. In my understanding, until a new swing low breaking the old swing low (blue highlight) is made, the market is primarily bullish. 5. More liquidity rests below the equal lows where the market has created the current support upon. It may not necessarily go for that liquidity pool, but it definitely can. 6. The new 4hr POB (fluorescent rectangle) could also hold potential for an up move. I hope this gave you something new to learn today. If you already know ICT concepts, then that is amazing. I still have a long way to go. All of this is only for educational purposes. Please take advice from your financial advisor before taking any financial risk. Do use proper risk management. Happy Trading! Profits, Market's Mechanic.
TVC:DXYLong
by UnknownUnicorn27677748
10
DXY Doller is very important levelNow currently the doller is very importan level, this chart is Doller inverted chart. Year 1989, 1999, and 2016 multiple time this level is veryimportant resistant level, in the current market secnerio if the rate hike it is possible to breakout of doller price In higher the doller price not good for emerging market like India the price action show that on last and final move is pending, but other major index chart not show any bearsh signal. This post is only for education purpose
TVC:DXY
by Anuragsahu001
1
5 Key Factors Shaping US Dollar Trading This Week5 Key Factors Shaping US Dollar Trading This Week The US dollar is in the midst of a week filled with pivotal events. Together, these fundamental drivers hold the key to understanding the potential shifts in the US dollar's performance throughout the week: - US President Joe Biden announced that a bipartisan agreement has been reached to raise the US debt ceiling of $31.4 trillion, aiming to avoid a default. He has now called on Congress to pass the deal asap. Fitch ratings will remove the “negative watch” rating on the United States when the deal passes or looks likely to pass congress. - The debt ceiling agreement has potentially weakened the safe-haven appeal of the US dollar, leading to an increase in risk appetite in global markets. - The Personal Consumption Expenditures price index, the Federal Reserve's favored inflation measure, rose by 4.4% in April compared to the previous year, up from the 4.2% increase observed in March. This development has raised the probability of a 25-basis-point interest rate hike by the Federal Reserve in June. - Due to the Memorial Day weekend in the US, as well as bank holidays in Europe and the UK, Monday will experience reduced market liquidity. Additionally, institutions are preparing for month-end trading on Wednesday, which could introduce more volatility. - The US payrolls report for May will be released on June 2nd. Recent months have consistently shown better-than-expected job figures. It is anticipated that this week's job numbers will indicate an addition of 180,000 jobs, with a slight increase in the unemployment rate to 3.5%. A tighter job market will reinforce the Federal Reserve's hawkish stance, with strong wage data also providing support if the actual figures surpass estimates.
TVC:DXY
by BlackBull_Markets