DXY is currently hanging out around last months lows (June 10, 2020)
Will be a keeping eye to see how the weekly candle closes.
The daily chart shows a zone which price is currently in, from June's daily candle low open/close to 96.50 (weekly level)
As long as we're trading above 95.72 (last low) I have a bullish bias on DXY to come up to weekly S/R around 98.30
If price can hold these lows, then we could potentially see price print double bottoms , and then move back up.
The lower time frames are showing us that price is printing lower lows and lower highs, repsecting the 4 hr 50 ema as dynamic resistance. We also have a downward sloping trendline (screenshot bellow) As long as we're BELLOW these level, the DXY will continue moving down.
Will be keeping a close eye on the 4 hr chart to see signs of the DXY reversing from these levels.
If that is the case, we can trade the Strong DXY bias by shorting pairs such as AUDUSD, NZDUSD EURUSD, or long USDCAD.
Let me know in the comments bellow what you guys think, whether you agree or how are you reading the DXY atm...
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** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
Will be a keeping eye to see how the weekly candle closes.
The daily chart shows a zone which price is currently in, from June's daily candle low open/close to 96.50 (weekly level)
As long as we're trading above 95.72 (last low) I have a bullish bias on DXY to come up to weekly S/R around 98.30
If price can hold these lows, then we could potentially see price print double bottoms , and then move back up.
The lower time frames are showing us that price is printing lower lows and lower highs, repsecting the 4 hr 50 ema as dynamic resistance. We also have a downward sloping trendline (screenshot bellow) As long as we're BELLOW these level, the DXY will continue moving down.
Will be keeping a close eye on the 4 hr chart to see signs of the DXY reversing from these levels.
If that is the case, we can trade the Strong DXY bias by shorting pairs such as AUDUSD, NZDUSD EURUSD, or long USDCAD.
Let me know in the comments bellow what you guys think, whether you agree or how are you reading the DXY atm...
___________________________________
** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
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