Not much has changed since yesterday, but we got a higher high on the H4 chart. DXY still consolidated overall, but I’m looking for some bullish setups on UJ based on DXY’s current momentum.
DXY is fighting 95 once again. Things really could go either way at this point. The markets are waiting for Powell & his first appearance before Senate Banking Committee. I suspect this event will give us a jump out of this congestion.
DXY is testing 94.6 (38.2 level) after rejecting the strong resistance at 95. If we beat 95, that will mean a continuation of the uptrend. I suspect we will see some more bearish movement before that happens (if it does)
The Weekly TF has us in an uptrend, but as you know by now, we still have some bearish feeling creeping in. 95 has been rejected multiple times indicating a potential reversal on lower TFs. I’m excited about how this will affect next weeks trade opportunities.
DXY made a clear rejection off its 93.8 Support and coinciding trendline. It broke 94.20 and is now testing the most important resistance level: 94.5. Notice the various ellipses in the second screenshot. We need to remain conscious of both trends. Personally I still see a strong bearish case. Also we are testing the 200 SMA, a famous crossover if ... Read More
While making a lower lower on a smaller timeframe (most evidently on H1), we are still in an uptrend on higher TFs. Notice that the current action could be forming 1. a breakout of the trendline and a break of structure downward or 2. Rejecting the TL and forming a HL. I’ve highlighted it in green and red to represent ... Read More
DXY made a bearish move last night, which is great considering our longer term biases. It broke below 94.2, our last major support. It’s passed 94, but we’ll see how this 4h candle closes. This is a new lower lower on the 4h chart, but we are approaching a longer term ascending trendline on the Daily chart. A solid break ... Read More
DXY tested and bounced off of 94.2, the last higher low from June. RSI shows bullish divergence and candlestick patterns lead me to believe we may see some more bullish movement. Bias is hard to form at the moment, as we have a clear downward counter-trend, but clear support at 94.2
We were waiting for DXY to break out up or down of the triangle it was forming. It broke downward but tested 94.4 - 94.5 and bounced right back up. I won’t be trading today due to the holiday, but bias is still bearish for DXY.