Another 48h - DXY (1h) One Swallow Doesn't Make A Summer
2024/10/22
Another 48h - DXY One Swallow Doesn't Make A Summer
“turnaround above the annual highs of 2017 for the first time today!
Is that enough support to break out of the W formation upwards?”
Today, MCX:GOLD1! is rising again to a new historical all-time high - even though the TVC:DXY is no longer falling. And the returns (capital market interest rates) also remain at a high level. Who is constantly buying? Are this the BRICS countries that are looking for an alternative to the dollar? I think they are private traders and/or investors like you and me - including all the retail brokers (from the largest one NYSE:JPM to your small CFD online broker)! I don't have any evidence for this - but I'm assuming this hypothesis. In any case, China has not bought any gold since May 2024, according to their published official data. And yesterday even the biggest news program here in Germany reported on the new all-time high for the yellow precious metal - which can also be perceived as a counter indicator, but does not have to be. Because if the general public is now interested (or becomes interested) in the MCX:GOLD1! continuing to rise, it can be dangerous! Isn`t it? However, but the reasons for MCX:GOLD1! are currently fundamentally not bad: falling interest rates due to central banks, debt orgies especially in the USA, geopolitical risks, the US elections, etc.
This week there are only us durable goods as important new US economic data. Doesn't everything else have no influence on the price action? No! But I would like to focus in this calendar week, the 5 trading days, on the w formation, and/or also the medium-term high, the long-term historical trend reversal formation. So we have 2 technical factors for the course of the week - to (not) learn something new. And/Or even formulate a long TVC:DXY 4XSetUp? If the TVC:DXY should break out above! In the event of a downward breakout, I don't dare say that today (yet)...
104.447 points - (2024/08/01) - High W-Formation
103.820 points - (2017/01/03) - mid-term high
102.160 points - (2024/08/05) - Low W-Formation
These are the most important technical prices this week.
A breakout near the top and/or down should attract the attention of the bulls and/or bears!? And spark trend-following price dynamics?! And because we only get very important US economic data on Friday this week that could fundamentally justify bullish or bearish price dynamics, the price action is likely to continue to move sentimentally over the course of the week.
The new all-time high for gold was the highlight of today so far - while WallStreet is trading little changed overall. Will nervousness increase as the US election approaches? I assume! Because who believes that the US election has no influence on the TVC:DXY !? has no influence on the TVC:US10Y !? has no influence on the us stock markets FRED:DJIA FRED:SP500 NASDAQ:NDX !? That's it - however, the CAPITALCOM:EURUSD, on the other hand, seems to continue to be in free fall - as does the situation in the largest euro country, my country of birth and/or home country Germany, with regard to our federal government and/or our german economy (which is already in recession)...
103.104 points - (2024/10/10) - high while last Inflation Data
102.720 points - (2024/10/10) - low while last Inflation Data
102.624 points - (2024/10/04) - high while last Labor Market Report
101.855 points - (2024/10/04) - low while last Labor Market Report
The latest us unemployment rate and/or us inflation rate played into the hands of the bullish TVC:DXY traders and investors. Therefore, a price action above should generally continue to be bullish for the TVC:DXY ! Or?
However, these 3 questions need to be answered - in the next 48 hours and/or later. So that we can learn something new with the help of price action; so that we remember that we already knew something old and now know it confirmed. But let’s not allow ourselves to be put under time pressure. Let's give ourselves - and the market (i.e. the price action) time - until the us elections. The influence of which I cannot formulate let alone quantify! But no one assumes that they have no influence! Are you?
The last price action was at 104.073 points.
The low of the w formation is at 102.160 points.
The high of the w formation is at 104.447 points.
I don't want to read too much into the price action of the TVC:DXY over the last 24 hours, let alone create too much expectation for the next 24 hours. But today's price action turned out better than expected! Why? Look at the chart - and the lines we drew! Especially the high from 2017! That's right - it was the year as Trump moved into the White House! But don't get me wrong - I don't want to formulate any political conclusions for Trump here: the TVC:DXY is rising because of Trump! Let alone the TVC:DXY is rising because of Harris! No - I won't go that far! Please don`t make this conclusion (because of me)! But I feel confirmed - at least today (even one swallow doesn't make a summer- that the price action of 103.820 points should at least not be ignored. And that, regardless of Trump, let alone because of Harris! Be that as it may, the historical long-term context should at least not be ignored - but should be kept in mind. In order to be able to record a new learning experience for the future.
The w-formation is groundbreaking for our daily operational business.
I would not speculate or invest on an outbreak today. Although the trend has been that way for days. Nevertheless, I prefer to wait for the upward breakout - and then want to enter while a setback. But I don't want to formulate any recommendations for action here: I just want to draw your attention to this expectation that you should always have a specific entry scenario and exit scenario for yourself. If? Then entry price! If? Then stop price! That's it. That's what the daily "Another Wieder 48h - DXY ..." is about.
What was striking today was that the TVC:DXY was more or less around 103.820 points before trading opened on WallStreet. And until something recently became more expensive again. The TVC:DXY is currently at 104.076 points. The high of the W formation is at 104.447 points on August 1, 2024. It is therefore important to defend at least the 103.820 points for tomorrow and the day after. But even a fall to 103.652 points wouldn't be a problem - to the height of the weekly trend line. The short-term upward trend, in day trading (1h candlestick charts), is only broken when it falls below 103.421 points. Because the 103.421 points are the low of this current calendar week...
With best wishes
and with good intentions!
Aaron
Another 48h - DXY ... is pure information material.
By trying to give you even more information about the TVC:DXY every day to make even better trading decisions (buy/sell or do nothing). The goal of each day is from my side that you say to yourself after reading my daily analysis (Another 48h - DXY ...): "I didn't notice that before!" Because then you have received new information; yes - maybe even learned something!? If, yes? Then give me a like - and continue reading tomorrow! Concrete 4XSetUps with entry price, target price and also stop price are available in the daily 4XSetUps...
Another 48h - DXY One Swallow Doesn't Make A Summer
“turnaround above the annual highs of 2017 for the first time today!
Is that enough support to break out of the W formation upwards?”
Today, MCX:GOLD1! is rising again to a new historical all-time high - even though the TVC:DXY is no longer falling. And the returns (capital market interest rates) also remain at a high level. Who is constantly buying? Are this the BRICS countries that are looking for an alternative to the dollar? I think they are private traders and/or investors like you and me - including all the retail brokers (from the largest one NYSE:JPM to your small CFD online broker)! I don't have any evidence for this - but I'm assuming this hypothesis. In any case, China has not bought any gold since May 2024, according to their published official data. And yesterday even the biggest news program here in Germany reported on the new all-time high for the yellow precious metal - which can also be perceived as a counter indicator, but does not have to be. Because if the general public is now interested (or becomes interested) in the MCX:GOLD1! continuing to rise, it can be dangerous! Isn`t it? However, but the reasons for MCX:GOLD1! are currently fundamentally not bad: falling interest rates due to central banks, debt orgies especially in the USA, geopolitical risks, the US elections, etc.
This week there are only us durable goods as important new US economic data. Doesn't everything else have no influence on the price action? No! But I would like to focus in this calendar week, the 5 trading days, on the w formation, and/or also the medium-term high, the long-term historical trend reversal formation. So we have 2 technical factors for the course of the week - to (not) learn something new. And/Or even formulate a long TVC:DXY 4XSetUp? If the TVC:DXY should break out above! In the event of a downward breakout, I don't dare say that today (yet)...
104.447 points - (2024/08/01) - High W-Formation
103.820 points - (2017/01/03) - mid-term high
102.160 points - (2024/08/05) - Low W-Formation
These are the most important technical prices this week.
A breakout near the top and/or down should attract the attention of the bulls and/or bears!? And spark trend-following price dynamics?! And because we only get very important US economic data on Friday this week that could fundamentally justify bullish or bearish price dynamics, the price action is likely to continue to move sentimentally over the course of the week.
“It is much easier to put existing resources to better use, than to develop resources where they do not exist.”
George Soros
The new all-time high for gold was the highlight of today so far - while WallStreet is trading little changed overall. Will nervousness increase as the US election approaches? I assume! Because who believes that the US election has no influence on the TVC:DXY !? has no influence on the TVC:US10Y !? has no influence on the us stock markets FRED:DJIA FRED:SP500 NASDAQ:NDX !? That's it - however, the CAPITALCOM:EURUSD, on the other hand, seems to continue to be in free fall - as does the situation in the largest euro country, my country of birth and/or home country Germany, with regard to our federal government and/or our german economy (which is already in recession)...
103.104 points - (2024/10/10) - high while last Inflation Data
102.720 points - (2024/10/10) - low while last Inflation Data
102.624 points - (2024/10/04) - high while last Labor Market Report
101.855 points - (2024/10/04) - low while last Labor Market Report
The latest us unemployment rate and/or us inflation rate played into the hands of the bullish TVC:DXY traders and investors. Therefore, a price action above should generally continue to be bullish for the TVC:DXY ! Or?
- Does The DXY Break Out Of The W-Formation High?
- Does The 2017 High (103.820 points) Serve As Support?
- Does The 2017 High (103.820 points) Serve As Resistance?
- Does The DXY Break Down Of The W-Formation Low?
However, these 3 questions need to be answered - in the next 48 hours and/or later. So that we can learn something new with the help of price action; so that we remember that we already knew something old and now know it confirmed. But let’s not allow ourselves to be put under time pressure. Let's give ourselves - and the market (i.e. the price action) time - until the us elections. The influence of which I cannot formulate let alone quantify! But no one assumes that they have no influence! Are you?
The last price action was at 104.073 points.
The low of the w formation is at 102.160 points.
The high of the w formation is at 104.447 points.
I don't want to read too much into the price action of the TVC:DXY over the last 24 hours, let alone create too much expectation for the next 24 hours. But today's price action turned out better than expected! Why? Look at the chart - and the lines we drew! Especially the high from 2017! That's right - it was the year as Trump moved into the White House! But don't get me wrong - I don't want to formulate any political conclusions for Trump here: the TVC:DXY is rising because of Trump! Let alone the TVC:DXY is rising because of Harris! No - I won't go that far! Please don`t make this conclusion (because of me)! But I feel confirmed - at least today (even one swallow doesn't make a summer- that the price action of 103.820 points should at least not be ignored. And that, regardless of Trump, let alone because of Harris! Be that as it may, the historical long-term context should at least not be ignored - but should be kept in mind. In order to be able to record a new learning experience for the future.
The w-formation is groundbreaking for our daily operational business.
I would not speculate or invest on an outbreak today. Although the trend has been that way for days. Nevertheless, I prefer to wait for the upward breakout - and then want to enter while a setback. But I don't want to formulate any recommendations for action here: I just want to draw your attention to this expectation that you should always have a specific entry scenario and exit scenario for yourself. If? Then entry price! If? Then stop price! That's it. That's what the daily "Another Wieder 48h - DXY ..." is about.
What was striking today was that the TVC:DXY was more or less around 103.820 points before trading opened on WallStreet. And until something recently became more expensive again. The TVC:DXY is currently at 104.076 points. The high of the W formation is at 104.447 points on August 1, 2024. It is therefore important to defend at least the 103.820 points for tomorrow and the day after. But even a fall to 103.652 points wouldn't be a problem - to the height of the weekly trend line. The short-term upward trend, in day trading (1h candlestick charts), is only broken when it falls below 103.421 points. Because the 103.421 points are the low of this current calendar week...
With best wishes
and with good intentions!
Aaron
Another 48h - DXY ... is pure information material.
By trying to give you even more information about the TVC:DXY every day to make even better trading decisions (buy/sell or do nothing). The goal of each day is from my side that you say to yourself after reading my daily analysis (Another 48h - DXY ...): "I didn't notice that before!" Because then you have received new information; yes - maybe even learned something!? If, yes? Then give me a like - and continue reading tomorrow! Concrete 4XSetUps with entry price, target price and also stop price are available in the daily 4XSetUps...
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