Hello Traders,
Here is the Top-Down Analysis of DXY for
Week 50 - Dec 07
M > Price has dropped beyond monthly support and is approaching wide monthly demand zone.
W > Placing Fib on last major bearish support (June - August 2020) we can see that price has just tested -0.272 level, if price fails to recover it can continue to drop till -0.618 level which also coincides with next monthly support. If current break of monthly support does not turn to be a false breakout and DXY fails to recover this week, we will have a bigger fall to next support facing much wider demand zone to deal with.
D > Last daily candle ended in a Doji showing some sign of rejection but this is just not enough to expect a reversal. We have been seeing bullish divergence for sometime now price is continuing to defy the over sold state.
As per COT DXY added both Long and Short, further reducing net positions (still in -ve). DXY weakened during the said period and it further weakened last week.
4H > Price has created double bottom at -0.272 Fib level and has ended the week on positive upward move.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of DXY for
Week 50 - Dec 07
M > Price has dropped beyond monthly support and is approaching wide monthly demand zone.
W > Placing Fib on last major bearish support (June - August 2020) we can see that price has just tested -0.272 level, if price fails to recover it can continue to drop till -0.618 level which also coincides with next monthly support. If current break of monthly support does not turn to be a false breakout and DXY fails to recover this week, we will have a bigger fall to next support facing much wider demand zone to deal with.
D > Last daily candle ended in a Doji showing some sign of rejection but this is just not enough to expect a reversal. We have been seeing bullish divergence for sometime now price is continuing to defy the over sold state.
As per COT DXY added both Long and Short, further reducing net positions (still in -ve). DXY weakened during the said period and it further weakened last week.
4H > Price has created double bottom at -0.272 Fib level and has ended the week on positive upward move.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX