Dollar Index - Strong support at 89$ - Target 93$1. Dollar index has completed the corrective pattern A-B-C in the longer term chart
2. Had made double bottom around 89.5$
3. Expect dollar to rebound tp 93$. View invalidated if below 89.5 $
USDX trade ideas
US Dollar- Reversal Zone approachingUS Dollar can reverse from here as it is reaching its reversal/buying zone. If this happens, we can see correction in the near future. Till RSI is below 50, we are in comfortable zone.
Dollar index strong -Will revisit 93 levels1. Dollar index strong -Will revisit 93 levels
2. Views invalidated below previous low on DCB
3. Targets will be extended to 100 based on closure,
DXYIt seems DXY is forming some base near support zone. Nifty and Banknifty may seem some corrections in coming days if base is formed
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).
DXY : Expecting bullish movement for short term and then crashExpecting dxy to push higher and then crash eventuallly.
Elliot wave Analysis # Bearish Sequence # DXYU.S. Dollar Currency Index (DXY)
240 Mins Chart (log scale)
Bearish Sequence
Next Possible Target is at 90.82 to 90.113
US DOLLAR INDEX....Double Zigzag SetupVIEW:
USD index appears to be ripe for an upswing as per elliotwave analysis.
Pattern/Structure:
zigzag + x + zigzag =double zigzag
US Dollar Index chart AnalysisDown trend channel breakdown
cmp 92.47
Resistance 92.76
Target 92.36 - 92.10
Dollar IndexSimilar to Gold, Dollar index is also trading at a very important resistance zone.
It will be very interesting to watch today's closing
