Daily/4h time frames analysis for Dollar Index.
Trading plan explained.
Important key levels.
Price action analysis.
Trading recommendations.
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US Dollar index at a huge level of resistance so may give a push down to back the other currencies I'm looking at trading, USD index to push down would give EURUSD a nice upside move! Also a weaker US dollar will back my short bias on USDCAD. Anyone that doesn't use these index's as a reference I think should, it gives a good indication of how that currency is preforming.
The Dollar index topped 96.00 last week and is now retracing. The bulls can potentially push price higher again if price can stay above the higher low at 95.51.
In this video, I've also added USDDKK which is a positively correlating currency pair. Take look and be sure you're following me here on Tradingview and Youtube(SLFX Trading).
Have a safe trading week.
In this special idea I will breakdown everything the US Dollar has done and what it is about to do.
Do you need proof? I have proof. If you don't have proof you're guessing.
Don't guess when it comes to the markets, know exactly what is happening or get out.
I have linked the previous few ideas below that are related to the US Dollar.
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Here we look at how the Euro makes up 60% of the U.S Dollar index and how historically the moves in EUR/USD drives the performance of the DXY.
EUR/USD is just under the key resistance level $1.20 as the DXY is sitting at a key support level 92.00.
A firm brak above £1.20 in EUR/USD will be the catalyst for the DXY to break below 92.00.
This offers us two trades...
We take a closer look at the US Dollar Index and the makeup of currencies within the basket.
If you don't want to trade the Individual US Dollar currency pairs we can sell the Index as the Dollar continues to weaken across the currency pairs that make up the Index.
We look at entry price strategies below a key technical support level 92.00
