Hello there,
Using my technical analysis, DXY has a good opportunity to go up. On the weekly TF i saw a respected ascending Trendline, even though it's not really that bullish. Yea, it got fakeouts but the last 2 touches on the line didn't break the trendline. I personally don't wanna execute our trade right now. I prefer to wait for the price to retest either to the Demand Zone/Trendline.
Possibilites to go LONG:
1. Price breaks the Descending Channel and bounces from the mini H4 Supply Zone - retest the Trendline/Demand zone.
2. Price directly retest the Trendline/Demand zone.
BUT. There're also possibilites for the DXY to go down, which is Fundamentals.
1. Because of the global pandemic, people will tend to invest their money in GOLD/XAUUSD. Which left the DXY&USD price falls. Correlation isn't really a thing here, because neither the XAU/USD & DXY is strongly correlated.
Summary:
From technical analysis side which tells the DXY will rise, possibilites is it will be a retracement. And thanks to Technical Analysis we got a chance to enter the DXY market and take advantage of the retracement.
Look out for the price action which will tell more information about the price.
Thanks for reading,
Cheers :D
Using my technical analysis, DXY has a good opportunity to go up. On the weekly TF i saw a respected ascending Trendline, even though it's not really that bullish. Yea, it got fakeouts but the last 2 touches on the line didn't break the trendline. I personally don't wanna execute our trade right now. I prefer to wait for the price to retest either to the Demand Zone/Trendline.
Possibilites to go LONG:
1. Price breaks the Descending Channel and bounces from the mini H4 Supply Zone - retest the Trendline/Demand zone.
2. Price directly retest the Trendline/Demand zone.
BUT. There're also possibilites for the DXY to go down, which is Fundamentals.
1. Because of the global pandemic, people will tend to invest their money in GOLD/XAUUSD. Which left the DXY&USD price falls. Correlation isn't really a thing here, because neither the XAU/USD & DXY is strongly correlated.
Summary:
From technical analysis side which tells the DXY will rise, possibilites is it will be a retracement. And thanks to Technical Analysis we got a chance to enter the DXY market and take advantage of the retracement.
Look out for the price action which will tell more information about the price.
Thanks for reading,
Cheers :D