DX.F trade ideas
DXY Technical analysisThe DXY index is trading in a tight range for the past few days.
It is in the process of forming a potential head and shoulder pattern.
Also trading around a strong trendline and multiple support zone based on price action.
Market is awaiting cues to make a major move on either side.
Hence, wait for our updates to instigate a perfect trade.
DXY Technical analysisThe 4 hour chart of dollar index has formed a bullish trend line.
Based on the price action,we expect the broken trend line to act as strong resistance.
Also the point 95.53 is acting as a strong resistance. Hence we expect the price action to be bearish and find support at trend line.
DXY Technical analysisThe weekly chart of DXY formed a round bottom pattern and made a strong bullish move.
It faced resistance around the value of 95.18. Its is currently trading near the 9-EMA which also coincides with the murray math line 4/8 value(support zone).
Since both these are strong support zones,we can expect a good up move in short-term and once it crosses the resistance,a major move can be witnessed.
DXY Weekly analysisThe 4-hour chart of Dollar index has completed an (1-5) Elliot wave. It is due for an ABC corrective wave.
The price action indicates that it has broken the support of 94.18.
A small pullback up to the support level is expected.
Once the the support has been re-tested the index will move towards the next support level placed at 93.22.
DXY Technical analysisThe daily chart of the dollar index has formed a Full Elliot Wave.
It is due for a correctio n in the form of ABC Wave.
Also there is a possible double top pattern forming in the counter.
The pair has also formed a evening sta r pattern in the candlestick.
So as per the above analysis,we can expect a strong a downside in the Dollar index.