Dollar Index daily analysis with Elliott Wave 31-1-21Om Namah Shivay
Dollar Index on daily level looks moving to a new target.
There is an alternate option where there is room for little more correction.
Om Namah Shivay
DXY trade ideas
DXY if crosses 90.72, will move towards 92.14, SL 90.13BUY DXY above 90.72 for target of 92.14, SL 90.13
This will be bearish for equities and commodities
#DXY:- US Dollar Index Analysis for short to medium term
What is DXY? DXY is the U.S. dollar index (USDX) is a measure of the value of the U.S. dollar relative to the value of a basket of currencies of the majority of the U.S.'s most significant trading partners. This index is similar to other trade-weighted indexes, which also use the exchange rates from the same major currencies.
The US Dollar Index is used to measure the value of the dollar against a basket of six world currencies - Euro, Swiss Franc, Japanese Yen, Canadian dollar, British pound, and Swedish Krona.
The index was established shortly after the Bretton Woods Agreement dissolved in 1973 with a base of 100, and values since then are relative to this base.
The value of the index is a fair indication of the dollar’s value in global markets.
Interpreting and Trading U.S. Dollar Index (USDX)
An index value of 120 suggests that the U.S. dollar has appreciated 20% versus the basket of currencies over the time period in question. Simply put, if the USDX goes up, that means the U.S. dollar is gaining strength or value when compared to the other currencies. Similarly, if the index is currently 80, falling 20 from its initial value, that implies that it has depreciated 20%. The appreciation and depreciation results are a factor of the time period in question.
The U.S. dollar index allows traders to monitor the value of the USD compared to a basket of select currencies in a single transaction. It also allows them to hedge their bets against any risks concerning the dollar. It is possible to incorporate futures or options strategies on the USDX. These financial products currently trade on the New York Board of Trade. Investors can use the index to hedge general currency moves or speculate. The index is also available indirectly as part of exchange-traded funds (ETFs), options, or mutual funds.
Source: - Investopedia .com site
Elliot Wave Analysis of DXY: -
We seem to have completed the 5th Wave of correction around 89, the immediate resistance is around is 91.238, after which we might see a sharp up move, which is a serious threat to the global stock market because it is inversely related to equities.
US Dollar Index Elliott Wave analysisOm Namah Shivay
The US dollar index has been on correction from feb 2021 ( from 308 days).
The current structure is complete as it looks from the counting. There could be further sideways corrections or the downward continuation.
These needs to be validated again the invalidation points.
The future of the Dollar index looks running for upward for weeks or more as option 1.
This is just for educational purpose. No trading suggestions provided.
Om Namah Shivay
Dollar Index (DXY) is about to shot up - Cautious for NIFTYDollar Index (DXY) is about to shot up - Cautious for NIFTY
I believe the upside room is limited for NIFTY for next few weeks.
NIFTY @ 14644 (Closing 20/01/2021) I expect for next few weeks we may trade below 14800
The U.S. Dollar Index rise in the short-termThe U.S. Dollar Index ( DXY ) rise in the short-term, but will downtrend in the long term.
Jan.06 2021, U.S.Capitol riots
U.S.Dollar index rebounded, because capitol riots that be global markets money entry U.S.Dollar.
U.S.Dollar index rebounded until Jan.20 presidential inauguration, and U.S.Dollar index will downtrend.
Reliability: 3-10 Markets Days.
Dxy on 6h & 4h TF on major support ..can bounce from here.or..ifDxy on 6h & 4h TF on major support ..can bounce from here.or..if failed to bounce & broke the support ...that means get into stocks ..#bitcoin ... all risk on assets ..for epic euphoria . #fomo
not a good sign for bullsas the dollar index clearly shows a break within the descending triangle . the global markets weakened . if it continues then the indexes might
fall for a correction . have an eye on all your positions . trial your stop losses . be prepared
US Index breakoutEmerging markets are likely to correct from its tops if this breakout happens.
This is for educational purpose.
DXY: Key to Continuation of the Current Emerging Market RallyOne of the key drivers of the current rally in Emerging Market and commodities has been weakness in DXY. It is soon going to test the all important level of 87.5-88.5 where it may find support in the near term. We will be closely watching the reaction of the DXY to these levels. While we believe that these levels may eventually be broken but a bounce from that level cant be ruled out as DXY is oversold.
DXY WAVE 5 DOWN The dollar index sold off from the 40dema and daily momentum is on the verge of signalling a sell. As it does and confirms wave 5 down, the minimum projection based on 38.2% of waves 1-3 is to 90.15. If prices continue lower into the end of October to the lower end of the channel we end up at 88.7
DXY (Dollar Index) AnalysisSome divergence in Indicators and near previous long term support. Small rebound expected.
U.S DOLLAR DXY INDEX Good long candidate.U.S DOLLAR DXY INDEX CMP 90
Falling wedge chart pattern formation.
Elliot wave study.
RSI bullish divergence.
Index is on verge to complete impulse phase of elliot wave,, if corrective wave unfolds good rise can be seen.
Support trend line falling wedge pattern around 90 levels ,,with bullish divergence in RSI ,indicate reversal.
U.S DOLLAR DXY INDEX Good long candidate.U.S DOLLAR DXY INDEX CMP 90 LEVELS
Good long candidate at this levels.
Rounding bottom formation on weekly time frame support around 89.8 levels
Rising parallel channel support around 89 levels
View gets negated below 88.7 on closing basis.
Upside can move to levels 94-96-98-100-103.....
Near supportDXY is near the end of current down fall. 88.70-88.40 is the zone where a short term bottom may form. From there spike towards 93.93.50 is possible.
Higher TImeframe view of DXY(dollar indexDollar looks movementum nagative, if it Break this middle area then The probability of DXY to going down can be increases.
DXY to hold weekly support trendline, near 90.26There is weekly support line which should be respected in first attempt, expecting DXY to bounce till 92.8 zone from 90.25-90.3 zone.
BUY near 90.26 for target of 92.8 and beyond.
This should be bearish for Equities, commodities, cryptos....
Are we on the verge of a US Market drop?Hello.
My name is François Normandeau
Here is an ADX-BRIEFING related to the 10-Year US Treasury Notes .
Currently, on the daily charts ,
all the indicators we are using are mentioning that the US Dollar Index
TVC:DXY
is currently in a confirmed downtrend.
Historically, there is a strong positive correlation between the US Dollar Index and the US Treasury Notes.
if DXY drops, ZN1! drops... if DXY rises, ZN1! rises... relatively speaking and all things being equal.
If anyone is currently keeping a major long position related to the US Bond market,
then this correlation is worth considering.
More details about this post, as well as a video analysis, later today, on our site .
Wishing you a great week,
François Normandeau
Institutional Research Director at ADX-BRIEFING
