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DXY moved into a narrow range but looks bullish

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**Monthly Chart**

DXY has been moving into a long-term range between 107 and 100 levels (round numbers) from January 2023. Last month candles closed lower after creating manipulation candles on monthly. This month's candle (currently active) tested the low of the previous two months and pushed higher with the NFP announcement last Friday. This moved DXY back into a narrow range.

Note: I don’t trade DXY but I use it as an indication when analyzing other currency pairs linked to USD.

**Weekly Chart**

Last week the DXY closed higher after testing the daily swing low and liquidity pool around 104 level. It closed as a weekly bullish key reversal (low test) candle pattern which indicates a move of the price will be bullish for next week. The next target will be around 106, followed by 107.34 levels.

**Daily Chart**

You can see the impact of NFP and Employment Change that created a massive bullish candle on Friday after testing the Imbalance price action (IPA) for the entire week near the previous daily low and liquidity pool. This candle is a new IPA that will need to be tested for liquidity again this week. I will be looking for a retracement towards at least 50% of this candle which will provide a second confirmation that the move for DXY will be bullish for the upcoming weeks.

This is another indication to look for selling opportunities for other currencies against the USD. Such as EURUSD, AUDUSD, and GBPUSD to go short for this week.

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** Weekly Chart **
DXY last week's candle moved lower first to induce sellers then pushed higher at around 50% of the previous week's key reversal near the previous daily swing and closed higher confirming that the move will continue to the upside. The fundamental reason for this move was the FOMC statement and Federal funds rates announcement on 12th June which pushed DXY higher. The next target is 106.50 and then 107.10 levels.

**Daily Chart**
The daily chart also looks bullish until we reach the next swing high at around 106.50 level. This means we will see further weakness in other currencies against USD pair. As you see in the chart, DXY move was predicted on 9th of June to test 50% of the weekly candle before it continues its move higher.

注释

DXY is moving as predicted and still have more room to move at least to 106.50 this week. Which means other pairs such as GBP, EUR, AUD and CAD are expected to move against the USD.

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**Monthly Chart**
DXY monthly candle closed as bullish. However, it is reaching the weekly supply zone at around 106.50.

**Weekly chart**
DXY Weekly candle closed as join, indicating a slow in momentum to the upside. The price might have one more push to the upside breaking 106.50 -107 levels before reversing lower.

**Daily Chart**
On the daily chart, our first target is around 106.50 level then we will have to see how the price will react to this level. However, the trend is still bullish on DXY.