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jurajholik

DXY (Long) - Temporary bottom for the dollar

Long
U.S. Dollar Index Futures (ICEUS:DX1!)  
jurajholik  
ICEUS:DX1!   U.S. Dollar Index Futures
Trend Analysis Chart Patterns Fundamental Analysis dollar dollarindex inflation bonds currency
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trendanalysis chartpattern fundamental dollar dollarindex inflation bonds currency
  • The dollar has fallen significantly on the back of falling interest rates and the bank crisis
  • Currently sitting at a crucial support going back several years
  • My thesis is a temporary bounce up to the 50SMA on the weekly
  • Bullish engulfing candle on the daily suggesting a temporary reversal
  • The yields on bond have also slightly reversed, hitting a 50SMA on the weekly; yields and the dollar collerate
  • This strategy could be also used for any of the USD pairs of your choice, whichever one shows the more strength relative to the dollar
  • It is a short-term trade with very good risk/reward
  • I would use the support line as a stop-loss

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