- eyes on USD Index this week as the FOMC announce rates.
- currently USDIndex price remains on key weekly trendline at 97.60, where we could see further downside depend on the FOMC rate& Fed Chair Powell’s statement.
- if the FOMC cut interest rates, we could see the USDINDEX back to 98.00 resistance.
The heat map shows that the USD is the weakest currency against all the other major currencies!
- USD Index has broken through the key daily lows $97.00 and looks to continue lower side to the next demand zone $95.50 -$95.60
- Price will retest the lows this week $97.00 level before the downside continuation.
- $97.00 low level will be the key to execute more USD...
reckon dollar had done a shift now to the down side I reckon the high of the year is already in.... so we can focus on weaker dollar and strong currencies against the dollar now :) will update once and awhile
I use this to give me an idea how the dollar compares to other pairs and here is why I was bearish:
Long bearish wicks of failed attempts to higher at this point.
Large candle crossing ema and heading to my trending ema the 55 ema
Large candle close with no lower wick showing the weight of the candle
The DXY has moved as predicted, the next move I'm looking for is a nice climb although with NFP this Friday we must be aware & put stop losses to break even on any US Dollar pairs or take profits before the news release. If all goes to plan it will play out nicely with the GBPUSD setup posted at the start of the week.
Click the like symbol if you agree. Good luck :)
If Dollar Index Weakens XXX/USD goes up. If Dollar Index Strengthens XXX/USD does down.
Looking at DXY I can see a Reversal Pattern form inside the box with a Pin Bar, Doji and what looks to be a Bearish Engulfing Candle. However, the market is uptrending & this could easily be a retest on 98.00 for a continuation upwards to fulfill the -0.27% extension.
Plan...
The U.S. Dollar Index tracks the strength of the dollar against a basket of major currencies. (DXY) originally was developed by the U.S. Federal Reserve in 1973 to provide an external bilateral trade-weighted average value of the U.S. dollar against global currencies. U.S. Dollar Index goes up when the U.S. dollar gains "strength" (value), compared to other currencies. The following six currencies are used to calculate the index:
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DXY (Derived Data)
