We’ve been watching DXY closely. The daily chart shows that we wicked 95.5 and then reached below 95 again. This looks like a rejection to me, but we’ll need another day to be sure. For the time being I’m taking bearish positions on UJ.
Watching for a convincing break of structure here before taking positions on UJ. Support: 94.75, Resistance: 95.15
This is an important moment for DXY, as we are testing this downtrend’s structure again. A break above 95 will be bullish for the dollar. Next week I suspect we’ll have some really nice setups again.
A break below 93.4 as indicated in the chart will provide us with some more textbook entries so I’m waiting for that.
After breaking our descending trendline, DXY is testing our next level of resistance. I’ll be watching for a break out of this zone before trading today.
Watching closely to see how much momentum we get on this breakout. Could go either way at this point.
DXY is resting on our 23.6% S&R level. We’re in a downtrend on 1h and 4h. I believe it’s most likely going to test the 38.2 level at 92.5, but it could go either way at this point. A break below 93.2 will signify a continuation of our bearish bias.
DXY broke below 93.5 and has paused at the 23.6% retracement level. Downtrend structure still intact.
DXY is playing around in a zone between 93.8 and 94.2, but is still in a downtrend overall. We’ve used that information to take some sells on UJ and buys on NZDUSD. We’ll continue to see the market through this lense until it breaks out of this zone.
DXY tested 93.75 this morning and bounced back up to test the broken TL. UJ hasn’t moved much with DXY, but we’ve found other opportunities on USD pairs like NZDUSD and GU.