USDX long term trend idea : DailyRejection at top 95.00 cause double top for USDX
I look into bearish trend in making subjected to the confirmation shown in the chart.
#irsofian
Usdx
Path Higher for the U.S. Dollar: A Shrinking Trade DeficitSince 2000, the U.S. trade balance and the U.S. dollar have mostly followed a direct correlation. I am betting on a continuation.
A Path Higher for the U.S. Dollar: A Shrinking Trade Deficit drduru.com #DXY #USDX #USDCHF #forex #UUP #usdollarindex #swissfranc
DOLLAR INDEX SETTING UP FOR A SELLThe index was clearly rejected at the 95.00 support area and went down +80 pips.
We can see a downtrend, add to that the obvious rejection candle on the daily chart and the harmonic setup.
As long as the price is below the 95.00 support area, we expect price to hit 93.5 and breaking it before going for the other targets 92.5 and 91.00.
If you have any questions i'll be more than happy to answer them, just leave a reply!
USDX bounced nicely off its support, potential to rise further!USDX bounced nicely off its 1st support at 93.74 (100% Fibonacci extension, 23.6% Fibonacci retracement, 50% Fibonacci retracement, horizontal swing low support) where price could possible fall back to before rising to its major resistance at 94.49 (61.8% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) bounced nicely off its support at 4.7% where a corresponding rise could occur.
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GBPJPY testing major resistance, potential plunge!GBPJPY is testing major resistance at 149.86 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur at this level to push prices down to major support at 147.14 (Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance at 94% where a corresponding reaction could occur.
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CADJPY seeing strong bullish momentum, potential for a further rCADJPY is seeing strong support above 86.08 (Fibonacci retracement, Fibonacci extension, horizontal pullback support, bullish ichimoku cloud, ascending support) and a bounce could occur at that level pushing prices up further towards major resistance at 86.71 (Fibonacci extension, horizontal swing high resistance).
Stochastic 55,5,3) is seeing strong ascending support where a corresponding bounce could occur soon.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
U.S. Dollar Rides With Rate ExpectationsThe odds of a fourth rate hike in December have soared over the last month, helping the dollar's bounce off its lows.
"Four Fed Rate Hikes This Year? Hmm....Maybe." drduru.com
USDX approaching resistance, potential drop! USDX is approaching our first resistance at 93.52 (horizontal pullback resistance, 38.2% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 91.80 (horizontal overlap support, 38.2% Fibonacci retracement).
Stochastic (89,5,3) is also seeing a bearish divergence and is approaching our major resistance where a reaction off this level might be a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
USDX reacted off resistance, further potential drop! USDX reacted off our first resistance at 92.85 (horizontal swing high resistance, 76.4% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 90.96 (horizontal pullback support, 50% Fibonacci retracement). A breakout below our intermediate support at 91.93 (horizontal overlap support, 61.8% Fibonacci extension, 23.6% Fibonacci retracement) might provide the bearish acceleration to our major support level.
Stochastic (89,5,3) is also reacting off our major resistance and is seeing a bearish divergence where we might see a corresponding drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
USDX reacting off resistance, further potential drop!Price is reacting off our first resistance at 92.54 (horizontal overlap resistance, 100% Fibonacci extension, 61.8% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 91.78 (horizontal overlap support, 61.8% Fibonacci extension, 23.6% Fibonacci retracement).
Stochastic (89,5,3) is also seeing a bearish divergence and is reacting off our major resistance where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX testing resistance, potential drop! USDX is testing our first resistance at 92.54 (horizontal overlap resistance, 100% Fibonacci extension, 61.8% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 91.78 (horizontal overlap support, 61.8% Fibonacci extension, 23.6% Fibonacci retracement).
Stochastic (89,5,3) is also seeing a bearish divergence and is reacting off our major resistance where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
EURUSD (EURO) Big Picture: How Could This Possibly Happen???EURUSD (EURO) 042418 7:50 pm.
Hi trader friends, since this chart picture should replace a million words...
Either the EURUSD topped or it is in a lower degree 4th Wave triangle with only one more pop up to a top, then down for 4-18 months once the top is confirmed.
Whether its a triangle with one more high or the 5th Wave already top, is likely to be resolved this week.
I expect one more wave lower on the intra-day charts to touch the lower trend-line of what may be a triangle within 1-3 days.
Then, the EURUSD will likely bounce in a small corrective rally, meaning a huge down move is imminent.
Or, the bounce will have conviction and break the upper triangle resistance for one more impulse wave high, then tank into a Wave 2 low months or longer away.
After the Wave 2 low in likely 4-18 months from now, then somehow, the US Dollar will likely be in deep trouble as the EURUSD should have a substantial rally for several years, if this is correct..
DISCLOSURE:
This analysis is meant for educational purposes only. You trade at your own risk!
Michael Mansfield CIO
USDX testing resistance, potential drop! USDX is testing our first resistance at 91.68 (horizontal overlap resistance, 100% Fibonacci extension, 50% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 91.00 (horizontal overlap support, 23.6% Fibonacci retracement).
Stochastic (55,5,3) is also seeing a bearish divergence and is approaching its major resistance where a reaction off this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX approaching resistance, potential drop! USDX is approaching our first resistance at 90.93 (horizontal swing high resistance, 38.2% Fibonacci retracement, 61.8$, 100% Fibonacci extension). A strong reaction might occur below this level, pushing price down to our major support at 89.88 (horizontal overlap support).
Stochastic (55,5,3) is also approaching our major resistance and a reaction off this level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX approaching resistance, potential drop! USDX is approaching our first resistance at 89.70 (horizontal overlap resistance, 61.8% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 89.25 (horizontal swing low support, 61.8% Fibonacci extension, 78.6% Fibonacci retracement).
Stochastic (55,5,3) is also approaching our major resistance and a bounce off this level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX approaching support, potential bounce! USDX is approaching our first support at 89.40 (horizontal swing low support) which coincides with our short term ascending support line. A strong bounce might occur above this level, pushing price up to our major resistance at 89.94 (horizontal swing high resistance, 50% Fibonacci retracement).
Stochastic (55,5,3) is also approaching our major support and a bounce off this level might be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX testing support, potential rise!
Price is testing our first support at 89.40 (horizontal swing low support, 76.4% Fibonacci retracement) which coincides with our short term ascending support line. A strong bounce might occur above this level, pushing price up to our major resistance at 89.94 (horizontal swing high resistance, 50% Fibonacci retracement).
Stochastic (89,5,3) is also approaching our major resistance and we might see a corresponding rise in price should it bounce off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX is reacting off resistance, further potential drop! USDX is reacting off our first resistance at 89.65 (horizontal swing high resistance, 23.6% Fibonacci retracement, bearish channel resistance) and a strong reaction might occur below this level, pushing price down to our major support at 88.99 (horizontal swing low support). A breakout of our intermediate support at 89.26 (horizontal swing low support, 78.6% Fibonacci retracement) might provide the bearish acceleration to our major support level. Ichimoku cloud is showing signs of bearish pressure in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX approaching support, potential bounce! Price is approaching our first support at 89.57 (horizontal overlap support, 61.8%, 76.4% Fibonacci retracement). A strong bounce might occur at this level, pushing price up to our major resistance at 90.32 (horizontal overlap resistance, 76.4% Fibonacci retracement, 100% Fibonacci extension). A breakout of our intermediate resistance at 90.06 (horizontal pullback resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension) might provide the bullish acceleration to our major resistance level.
Stochastic (89,5,3) is also approaching our major support and seeing a bullish divergence, a good precursor for a potential rise should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
USDX testing support, potential bounce! USDX is testing our first support at 89.57 (horizontal overlap support, 61.8%, 76.4% Fibonacci retracement). A strong bounce might occur at this level, pushing price up to our major resistance at 90.32 (horizontal overlap resistance, 100% Fibonacci extension, 76.4% Fibonacci retracement). A breakout of our intermediate resistance at 90.06 (horizontal pullback resistance, 61.8% Fibonacci extension, 50% Fibonacci retracement) might provide the bullish acceleration to our major resistance level.
Stochastic (55,5,3) is also seeing a bullish divergence and is approaching our major support, where we might see a corresponding rise in price should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
USDX testing support, potential rise! Price is testing our first support at 89.77 (Horizontal swing low support, 50% Fibonacci retracement, 100% Fibonacci retracement) and a strong bounce might occur at this level, pushing price up to our major resistance at 90.28 (horizontal overlap resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (55,5,3) is also approaching our major support and we might see a corresponding rise in price should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
USDX bounced off support, further potential rise! Price has bounced off first support at 89.77 (Horizontal swing low support, 50% Fibonacci retracement, 100% Fibonacci retracement) and might be pushed up to our major resistance at 90.28 (horizontal overlap resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (89,5,3) is also approaching our major support and a bounce off this level might be a good precursor for a further potential rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
USDX reached resistance target perfectly, potential for reversalUSDX reached our first resistance perfectly at 90.52 (horizontal swing high resistance, 61.8%, 100% Fibonacci extension, Elliot wave structure). A strong reaction might occur below this level, pushing price down to our major support at 89.96 (horizontal swing low support, 38.2% Fibonacci retracement) which coincides with our short term descending resistance-turned-support line.
Stochastic (55,5,3) is also approaching our major resistance and a reaction off this level might be a good precursor of a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
