Potential Upside Movement of the DXY

19 Jul 2020

S

19 Jul 2020

Nota

The Overall trend of the index is on a trajectory towards the downside (Weakening of the US Dollar).

19 Jul 2020

Nota

On the contrary, we may move to break the daily respected support line which has been strong support previously and a movement to the fib line towards the bottom.

19 Jul 2020

Nota

However, we now may encounter a small upside movement to the fib line identified above, bouncing on the strong area of support that price action has rejected to fall

19 Jul 2020

Nota

The Overall trend of the index is on a trajectory towards the downside (Weakening of the US Dollar).On the contrary, we may move to break the daily respected support line which has been strong support previously and a movement to the fib line towards the bottom.However, we now may encounter a small upside movement to the fib line identified above, bouncing on the strong area of support that price action has rejected to fall

20 Jul 2020

Nota

The Asia session has now opened, the trades involving the strengthening of the USD are going in the direction of a stronger dollar (Longing the USD as opposed to the shorting of the USD currency pairs). From observation regardless of what may have seemed a downside movement on the USD pairs, an example being the USD/CAD. It seemed to have hit strong resistance, however, with the reversal of the DXY on Sunday Asia session opening USD pairs have reversed in the opposing direction. I gather the pivotal movements of the DXY have a great influence on the USD pairing and should be observed at all times prior to taking positions involving the majors.