The Dollar Index (DXY) shows that the dollar might have started a prolonged months long bear trend and it might not be just a dollar retracement as seen on the lower time frames. On the weekly the recent weeks of upsurge seems to have been a retest of resistance. With this in mind all trades with USD should be traded with this fact in mind.
Kommentar
⋅
* All USD pairs should be traded bearing in mind that the USD might be in a significant bear trend now ... so USDCAD,USDMXN,USDJPY,USDCHF, USDSEK etc we should expect bear trends to become dominant. EURUSD, GBPUSD, Gold, Silver the long trends should become dominant.
Please note all the various instruments INDEPENDENT confirmation analysis is needed before any trade is placed. The DXY is a clue, not a trading decision determinant.
Hi, Nice charting. I fully agree with you in the $ weakness story, but my opinion is that it will happen starting from June/July next year. Until then $ has enough steam and reason (interest rate, yields) to move up.. until say about 104 region - make some nice structural patterns like HnS or Douple/Tripple top and then start way down. Let me know your view please.
KeTrader
⋅
@ForexTurtle, Lol it is just my opinion, the DXY can move in whatever way it wants including just ranging. About the chart, it is deliberately simple, all the reasons behind that idea may not be in the chart but the essence of it is clear enough.
KeTrader
⋅
@ForexTurtle, still around? Was looking at this a lot more this past week. The resistance held, definitely down to 0.5 level where a double bottom my form.. all the same am of the strong opinion the dollar will increasingly depreciate and the momentum will pick up.
ForexTurtle
⋅
@KeTrader, Hi... yes. Thanks for remembering. Opinions change with market conditions :) Now I feel the $ index is forming HnS pattern (4H) and forming a clear bear structure. Even a slue of $ good news could not save it in Christmas... so i guess it doesn't have much into to take it to highs. I dont know how to post image in the comments. Try this link for my $ chart.
mzshaik
⋅
I agree, currently a flag in a bearish channel. The H4 shows it quite nicely.