DXY BULLISH CONTINUATION?Hello Traders
Here is my view on DXY. We still in an uptrend as price trading above the trend line, 50 EMA and now pulls back
to resistance turned support. Price is approaching AXIS POINT , this is a confluence area to hold support, however
we cannot predict the market but react to it. It price happen to break this area we will look for new opportunity
to sell, for now we remain bullish.
Dollar_index
CORONA VIRUS IS THE EXCUSE TO TRIGGER THE INEVITABLE SELL OFFNEWS IS THAT EXCUSE TO MOVE THE MARKETS. WE'VE SEEN A BULLISH MARKET FROM 2014-2015 AND A VERY LONG PERIOD OF SIDES WAYS MOVEMENT (ACCUMULATING). THE FAKE OUT TO THE UPSIDE CAPTURED LIQUIDITY (POCKETS OF MONEY) THEN EXPANDED TO THE DOWNSIDE, WHERE YOU SEE ANOTHER CAPTURE OF LIQUIDITY. ON THE BROADER PERSPECTIVE, THIS WAS JUST A MOVE TO TAKE THAT ENERGY AND REVISIT THE SIDE WAYS CHANNEL FOR THE REAL MOVE TO THE DOWNSIDE BUT WE NEEDED A VERY GOOD EXCUSE TO MOVE PRICE IN THAT DIRECTION, (NEWS OF CORONA VIRUS). I'M LOOKING TO SEE THE DOLLAR POSSIBLY CAPTURE THE MONEY SITTING BELOW THE LOWS OF THE PREVIOUS FAKE OUT TO THE DOWNSIDE AND WORK IT'S WAY IN THE POSSIBLY TO THE 80'S PRICE RANGE, WOULDN'T BE SURPRISE TO SEE PRICE LOWER, BESIDES THEY JUST WEAKENED THE DOLLAR.
DXY looks bearish to meDXY broke to a new low. I see this as a C pullback for a D leg to come.
I see a good sell entry @ 98.65
TP1 would be 127% around 96.65
TP2 would be 96.25 zone
TP3 as low as the wicked price June 25th this year @ 95.85
A "secure some profits along the way" pull would be good at 97.25
What do you think? Please like and comment, as always trade safe manage risk!
Peace. Love. Trade :)
D1 - SHORT DXY Setting up for a bearish moveDollar Currency Index has completed its Subminutte Wave II and bears gathering momentum to push price downwards for Wave 3.
This is also in correlation to EURUSD setting up for a bull run.
SCENARIO
Recommendation: Sell
Waiting for Correction in Lower time frames and sell after completion of correction.
Good Luck
Will we cont. down? DXYDXY was .50 off from 100. We will make it to 100? Or do you think we are heading down for the rest of the year to $95 ???
We are at the bottom of the DXY channel and currently heading to the 50% medium of this range. If we get a 61 - 78% denial I can see us heading to 96.00 next.