Trend touchline on the Monthly timeframe. There's a bullish engulfing and a long bearish rejection.
My bias is that DXY will go up unless something big happens.
This trendline goes almost a decade back!
Price is testing the flip horizontal support + 0.618 fibonacci retracement level + uptrend support line. Price action also brokeout from the pullback resistance. A breakout above the previous swing high could lead to pump. Also, if upcoming fundamentals favour the greenback, we could see more upside.
A lot going on here, both technically and fundamentally. Any trades taken will look to move stops to entry for risk free trading ASAP given the volatility of election season and Covid resurgence. We cannot control any fundamentals, but we can control our risk management.
Firstly, on the weekly we can note the potential wick rejections forming a Double...
After passing the lows of the year in March, the DXY is now looking to make some significant new lows. It has created a small supportive area but I have very little hope that this will hold. I have illustrated the next potential moves for the DXY, a lot of what happens next will depend on the NFP data release tomorrow.
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
Here dxy is showing another big divergence on the hourly charts.
It’s actually currently slightly above the weekly low set around March. So here would see some shorts taking profits and bargain hunters stepping in.
Falling wedge as well. We can expect a move up to either of the red resistance lines for day trade profits.
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
We have to continue to respect that the dollar is moving in a descending channel and that the overall trend is bearish. It would be lovely to see the DXY smash through that key level and the 50 EMA to create a much needed new trend for the dollar. However, if we don’t see this and it wants to continue to respect the channel we can expect continued weakness in to...
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
As we can see from the chart price heavily rejected support and is heading down to an existing support level
I am waiting for price to retrace and break through then we will be buying to the target area