12/1/23 DXY Daily Outlook
#DXY #DailyOutlook
A huge bounce of DXY today. We traded through many of the -POIs to tap off of the WH to set a new WH, traded through the WOP and rejected off the combination of the YOP and a 4H-FVG. Price opened tonight with a Gap down to the 4H-FVG/4H-OB we traded through. The question going into tomorrow will be which -POI do we return to and once we figure that out, does it hold Bullish? Looking at the daily chart the first POI will be the 4H-FVG and the Price Gap.
10:00am
USD
ISM Manufacturing PMI
47.9 46.7
11:00am
USD
Fed Chair Powell Speaks
2:00pm
USD
Fed Chair Powell Speaks
We have #PMI and Powell speaking as our biggest movers tomorrow and given that there is news in the morning and in the afternoon there may be stalled prices throughout the day. We may all see two swings as well so the biggest thing will be to trade with risk in mind.
DXY bullish = XXX/USD bearish & USD/XXX bullish
DXY bearish = XXX/USD bullish & USD/XXX bearish
#BullishCase: A bullish move on Dollars means that we can hold one of the -POIs that traded through on the way up. The -POIs will be replaced and/or used to buy from on the LTFs. Looking at the daily chart the first POI will be the 4H-FVG and the Price Gap.
#BearishCase: A bearish scenario moves and responds to the -POIs and creates a new FVG to the downside.
1H chart
4H chart
D chart
#DXY #DailyOutlook
A huge bounce of DXY today. We traded through many of the -POIs to tap off of the WH to set a new WH, traded through the WOP and rejected off the combination of the YOP and a 4H-FVG. Price opened tonight with a Gap down to the 4H-FVG/4H-OB we traded through. The question going into tomorrow will be which -POI do we return to and once we figure that out, does it hold Bullish? Looking at the daily chart the first POI will be the 4H-FVG and the Price Gap.
10:00am
USD
ISM Manufacturing PMI
47.9 46.7
11:00am
USD
Fed Chair Powell Speaks
2:00pm
USD
Fed Chair Powell Speaks
We have #PMI and Powell speaking as our biggest movers tomorrow and given that there is news in the morning and in the afternoon there may be stalled prices throughout the day. We may all see two swings as well so the biggest thing will be to trade with risk in mind.
DXY bullish = XXX/USD bearish & USD/XXX bullish
DXY bearish = XXX/USD bullish & USD/XXX bearish
#BullishCase: A bullish move on Dollars means that we can hold one of the -POIs that traded through on the way up. The -POIs will be replaced and/or used to buy from on the LTFs. Looking at the daily chart the first POI will be the 4H-FVG and the Price Gap.
#BearishCase: A bearish scenario moves and responds to the -POIs and creates a new FVG to the downside.
1H chart
4H chart
D chart
