US Dollar indexHey Traders, above we notice the breakout of DXY the supply zone of 94.370, that's a good sign that this zone will become a resistance and we will see more bullish momentum in the dollar. in other side we are holding our EURUSD swing short from 1,17 towards 1.138 zones. and we will monitor extra USD pairs to catch more opportunities.
Trade Safe, Joe!
Usdx
EURSD AHEAD OF NFP (SHORT SETUP)
USD could the dollar index be getting back on its feet. Fourth-quarter early bullishness could be setting in early to set tone for early sessions come 2022 first quarter.
I am bullish on the dollar index. Technically I am looking to go long long on a long-term basis.
USD could be setting itself up to justify the move going down following my observations of the dollar index, the dollar currency index is observed to have its own technical fulfillments that it should make on a long-term basis based on the strategies that I apply
What do you think could be the next move or what do you have within your analysis of the same currency pairs that I just mentioned do you agree with my point of view or request a zoom meeting for further elaboration in here where I come from as far as my analysis is concerned happy trading first week of November thank you
DXY Further Downside If 94 HoldsI don't directly trade the DXY CFD with my broker, but it is useful to keep an eye on it to provide further direction for major pairs. Here are the key details I've labelled.
1. DXY pushed up to 94.56, which is just a tad higher than the previous high. However, this failed to sustain. It's almost as if this was a false breakout given that the DXY dropped sharply lower.
2. A new lower low formed. In a way, it invalidated the 94 level that I anticipated holding.
3. This was a bit concerning. Although the DXY did hold below the 94 level, it did not paint a new low. Not too surprising though because this happened near the end of the week. On the open, I'd like to see price make one more test at 94. It would be a good sign if I can see a clean hold below this level.
USDX CURRENTLY AT STRONG INTRADAY RESISTANCEThe dollar has gained in the past two days and bulls are seemingly strong, however, price rests below the 93.15 level which has been strong enough to take down price on July 21 and Aug 21 respectively. The case is however different as you can see the a bigger bullish momentum approaching the level and so may mean a possible break in to the March 21st highs at 93.44. I would recommend patience at the current 93.15 level, anyone who wants tot sell the dollar should wait for the most convincing bearish price action around this level, else they should wait for 93.44.
EURUSD: BUY signal (2/3)while Jerome was telling tales, the dollar shows weakness not only in USDX)))
against the backdrop of verbal interventions from the US, the EURUSD price returned above 1.1900 and remained there. Clear Step Up + Head and Shoulders Pattern
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1.1940 - BUY signal
1.2000 - target 1
1.2100 - target 2
If you like my idea, please get the like and write your opinion in the comments.
DXY breaking down XXX/USD pairs move up
THIS IS NOT FINANCIAL ADVICE
BLACK LINES are support.
RED LINES are resistance.
BLUE LINES are trends.
TRADE IDEA:
The dollar should break down to 84, 78, and then finally 73 where I will reevaluate the long term trend.
FUNDAMENTALLY
The U.S. Dollar Index (USDX, DXY, DX, or, informally, the "Dixie") is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners' currencies. The Index goes up when the U.S. dollar gains "strength" (value) when compared to other currencies.
The index is designed, maintained, and published by ICE (Intercontinental Exchange, Inc.), with the name "U.S. Dollar Index" a registered trademark.
It is a weighted geometric mean of the dollar's value relative to following select currencies:
Euro (EUR), 57.6% weight
Japanese yen (JPY) 13.6% weight
Pound sterling (GBP), 11.9% weight
Canadian dollar (CAD), 9.1% weight
Swedish krona (SEK), 4.2% weight
Swiss franc (CHF) 3.6% weight