DXY has bottomed out around the 89.50 level and has continued to grind higher since. The next level that we took out was the 89.90 level which now acts as support and the upward trend line and pivot area. I expect a move higher in the dxy in the coming weeks and therefore I will sell the rallies in EURUSD and AUDUSD and buy the dips in USDJPY.
DXY broke out the descending shape - stalled for a while then moved expolosively 93.5
Waining mometum as selling has slowed, 1D bull divs also but short still a good bet here
At 1D Supply which is strong supply - continued/broke market structure to downside, OTE of recent down leg
We are at 1M demand - which helped this leg up and thus has already been...
Close above 92ish today, with a backtest of this level, would confirm DXY's move into this range where highs approach 95
I can't see it hitting this high, but it would defo make sense for it to collect some liquidity above 92.8 and test the mids
92.8 lines up well with golden pocket of recent play so that could be the top for DXY imo
If it does move to mids and...
Powell's speech on the 17th March - 6PM UK caused the DXY to dump big time
Made a few FX plays there expecting the dump to retrace which it did but sadly a couple L's due to stops that were too tight
Now its kinda a waiting game that this dump has completely retraced, as both sellers and buyers have been stopped out in effect
Will take today and tomorrow...
The DXY dropped below the key structural level marked introducing more sellers into the market.
Knowing how manipulated the dollar can be, I expect a strong crossover and upside continuation into the target zone.
Please see my previous analysis below.
From what i can see before we can look to go long on the DXY we must wait for price to reach this area which i have marked out as support
No significant moves happen unless this area is reached and we are probably a few weeks away from that as yet
This is just my opinion, let me know your thoughts
The DXY has broken the downward trendline and is about to test resistance
We will wait for price to break resistance and retest before going long!
There are signs of divergence all over the place on this pair and with the fall of the USD I am looking for price to shoot up
This has danced around all week and now with the USD falling I can see this rising at some point early next week
Once price breaks resistance I will be placing my first buy to the next line of resistance
Previously at the marked level of support price shot up through a level of resistance and all the way to the second level of resistance
I anticipate the same thing happening again.
I placed a buy last week and price shot up only to come back and test support BUT i see price shooting off again to the moon