DXY trade ideas
DXYDear traders,
As I have been accustomed to in recent months and this time my technical analysis had an accuracy rate of over 95% and I will try to continue to keep this percentage as long as possible
as I said on last weeks ... as I was saying last week ... DXY has stopped falling and is starting to form support in this area and form W!
If the next weekly candle will still be green then I will look for BUY around 92,600 or even higher ...
THIS WEEK...exactly as I said DXY reached the 92400 area from where I expect a rejection to the 91900 area and after you will test and the Fibonacci 786 area I will reanalyze!
NOTE: Please, give a LIKE if you find this idea useful!
GREAT ATTENTION:
*This information is not a Financial Advice.
Dollar IndexDollar Index
RSI is inoverbought on daily chart.
The base for Dollar Index is 90-88.
Falling Dollar Index is generally helps the equity market to
move up.
Remained flat between 90-88 help as well.
Now Dollar Index has been up as seen in the chart.
Daily chart gets in Overbought.
The trend line resistance is around 93.
The lower top is 93.44.
The supply zone is 92.87-93.44.
Expect resistance to be witnessed at trend line in near term
unless vertical spike beyond 93.44 is witnessed.
It could still be an opportunity as Dollar Index hits
93-93.44 for a possible swing bottom for near term in
equities or create negative divergence if sustained breakout
above 93.44 is witnessed.
For the time being it looks that
breakdown below 90-88 is unlikely and correction if any
after hitting 93-94 zone could be consolidation
to eventually move higher for Up trend is Dollar Index.
A sustained trend line breakout will be key decider.
If breakout is violated then expect equities to suffer.
Dollar spirals down?The dollar index completed 1 of 3. Whether 2 is over or not awaits confirmation, Keeping both scenarios open for the next two days if DXY goes below the previous swing low that would mean that 3 of (3) is going on else it might go above 91 and test the 40-day exponential average.
If 3 of (3) has started then all commodity prices should continue to move higher.
Ascending Broadening WedgeThe ascending broadening wedge occurs when prices make higher highs and higher lows; each high and low should occur at least three times to create the proper support (line drawn below the lows, sloping upward and to the right) and resistance (line drawn above the highs, sloping upward and to the right, even steeper than the support line).
