This is my update for DXY.
Dollar index has recently broken below the support line of a rising wedge.
It is a very strong signal which determines a bearish sentiment.
We can expect a rally to 97.5 level and my midterm projection is bearish.
Here you can see 4 charts 1 is DXY and the rest that seem to be in good corraltion into what we see! But only at certain points! (THE ARROWS) Are not signals for BUYING or SELLING so do not take this as a signal which it isnt;
With NFP today It will be a very good way to see what will happen to DXY and other currencys we see XAUUSD (GOLD) move like a lion...
DXY ON THE WAY TO REACH ITS DEMAND ZONE
THIS DEMAND LEVEL HAS POTENTIAL IMBALANCE. IT BASES ON VERY STRONG BASE CANDLE.
SO USINDEX GETS TO THAT LEVEL.
WHEN AREA WILL BE HIT. INITIATE YOUR POSITION IN GOLD FOR LONG.
RIGHT NOW WAIT AND SEE SCENARIO
Sellers came in strongly as seasonal weakness set in
Look for selling to continue till Mid-September where then it gets a bit choppy before the seasonal strength period in October
Support levels are marked on the chart
Observing the 1Hr chart we can see a clear break down on the DXY falling below the rising uptrend and forming a retest of the key support/resistance trendline.
If we do not see a correction to the upside we anticipate a long term bearish momentum to the downside.
GBPUSD (weighted average)
Potential retracement prior to a strong move to the upside? (Await...