**Monthly Chart**
After bouncing from monthly low levels in Dec 2023, DXY moved to balance the IPA (or FVG), only to pause at around 104 level. Last month candle closed bullish after testing mid-way of Imbalance candle of Nov 2023. However, this month candle which is still active, opened at around 104 and started moving lower suggesting a weaker DXY. The Index is moving into a range while the long term trend is still bullish.
Note: I don’t trade DXY but I use it as an indication when analyzing other currency pairs linked to USD.
**Weekly Chart**
Last week candle closed as bullish, while it is still within a 300 pips range from 105 and 102. Therefore, the Index is having un-clear direction within this range. The price will have to break the high or the low to have a clear direction. We will be watching DXY closely which will provide a clear direction on other pairs against USD.
**Daily Chart**
Based on daily time frame, the long term trend is bearish. However, the price needs to complete the recent up-wave movement before breaking the low which is expected to happen in the next few weeks. Other scenario would be that DXY will move lower only to test monthly Equal lows before starting to move higher.
After bouncing from monthly low levels in Dec 2023, DXY moved to balance the IPA (or FVG), only to pause at around 104 level. Last month candle closed bullish after testing mid-way of Imbalance candle of Nov 2023. However, this month candle which is still active, opened at around 104 and started moving lower suggesting a weaker DXY. The Index is moving into a range while the long term trend is still bullish.
Note: I don’t trade DXY but I use it as an indication when analyzing other currency pairs linked to USD.
**Weekly Chart**
Last week candle closed as bullish, while it is still within a 300 pips range from 105 and 102. Therefore, the Index is having un-clear direction within this range. The price will have to break the high or the low to have a clear direction. We will be watching DXY closely which will provide a clear direction on other pairs against USD.
**Daily Chart**
Based on daily time frame, the long term trend is bearish. However, the price needs to complete the recent up-wave movement before breaking the low which is expected to happen in the next few weeks. Other scenario would be that DXY will move lower only to test monthly Equal lows before starting to move higher.
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