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Will the escalation of the Middle East tension boost the dollar Macro theme: - The dollar strengthened after Fed Chair Jerome Powell struck a more hawkish tone last week, scaling back traders' expectations of another 0.50% rate cut at the next meeting. - The safe-haven demand following the possibility of Middle East escalation boosted the dollar. - The US Aug JOLTS data showed 329,000 more jobs, indicating a more robust labor market than anticipated. Technical theme: - From the 4-hour chart, DXY broke its Wedge pattern and closed above both EMAs with the golden cross. This indicates a potential recovery from its previous sideways-down trend. - If DXY breaks above 101.33, the index may strengthen to retest 101.80 resistance confluences with its descending trendline. - On the contrary, DXY may retest 100.90-101.00 before upward movement. Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
TVC:DXYLong
by DatTong
DXY Major Support TestWe have a pretty interesting situation with fed fund futures moving all over the place. Lots of speculation about soft vs hard landing, speed of rate cuts, etc. I'm really not sure what I even think will happen to things like DXY and BTC in the near future, but I do know that TA says DXY should have support here and if it doesn't hold it's likely going to lead to more continuation down. This 100 area has been strong support since Feb 2023. This is the fifth or sixth test of this area in the last 18 months. Clearly an important spot. Either it's going to break 100 and accelerate to the downside or it's going to hold the current range. This is both horizontal support and the first retest of the big downtrend breakout from the high in 2022 we got back in April. That also happened to be during a time of war escalation fears from Iran's strikes. Seems likely we will see at least some sort of bounce, but this could be the time it breaks and it would probably be a big time break. DXY has been in this range from ~100-105 for over a year. It's gonna move quick if it does break down, I'm pretty sure of that much at least.
TVC:DXY
by AdvancedPlays
Dollar Index (DXY) Looking for a Flat Elliott Wave CorrectionShort Term Elliott Wave View in Dollar Index (DXY) suggests that decline to 100.2 ended wave 1. Rally in wave 2 is in progress as an expanded flat Elliott Wave structure. Up from wave 1, wave (a) ended at 101.14 and pullback in wave (b) ended at 100.91. Wave (c) higher ended at 101.47 which completed wave ((a)) in higher degree. Wave ((b)) dips takes the form of a double three Elliott Wave structure. Down from wave ((a)), wave (w) ended at 100.4 and wave (x) ended at 101.23. Wave (y) lower ended at 100.15 which completed wave ((b)) in higher degree. The Index has turned higher in wave ((c)). Up from wave ((b)), wave (i) ended at 100.54, and pullback in wave (ii) ended at 100.18. Wave (iii) higher ended at 101.39 and pullback in wave (iv) ended at 101.15. Expect the Index to extend higher 1 more leg in wave (v) to finish wave ((v)) of 2 in higher degree. Afterwards, expect the Index to resume lower. Possible target for wave (v) of ((v)) of 2 is 100% – 161.8% Fibonacci extension of wave ((a)). This comes at 101.4 – 102.1 area.
TVC:DXY
by Elliottwave-Forecast
Is DXY Finally Bullish? 101.000 Broke with BULLISH Momentum..DXY is showing signs of pulling back after reaching the top of its daily ATR range, indicating potential exhaustion in the current bullish momentum. I’m anticipating a short-term retracement as the index begins to pull away from these elevated levels. My focus is on a potential retest of the 100.800 level, which previously acted as a key support from which the market rallied to new highs. This area will be critical in determining if the DXY can find support again or if it will continue to slide further. Stay cautious of volatility and how upcoming U.S. economic data may influence this move.
TVC:DXY
by trader9224
** Dollar index enters bull market - Life cross prints **On the above 2 day chart price action has entered a bull market. We define this as: 1) The 2-day 50-day SMA (blue line) crossing up the 2-day 200-day SMA AND 2) Price action above the 2-day 200-day SMA. Both of those conditions have now confirmed. The Dollar index is in a bull market. The previous life cross (idea below) printed in November 2021. The dollar index rallied 20% after the cross, I’m sure you noticed. Is this another 20% bull market like 2021? Unfortunately, it is looking that way. However much higher. Not only that but there is evidence to support a faster rate of change in the uptrend. At the moment the dollar index remains in a trading range that began in November 2022. Markets are likely to remain unaffected until the index exits that range. A bull flag has printed since the trend reversal and life cross. The bull flag extension would take price action outside the trading range. When this happens AND past resistance confirms as support… be in cash. No stocks no crypto no metals no animal spirits. This bull market has a 1st target area with the index rallying to 130. Yes you read that correctly. A detailed explanation of why and when this is likely to happen is written elsewhere. Ww November 2021 Life cross
CAPITALCOM:DXYLong
by without_worries
19
DXY Bullish: First Time Since December 2023 (vs Bitcoin)My dear supporter, it is not only Bitcoin that will enter a major correction, the SPX, DJI, NDX and all major stocks are also sitting on very strong bearish charts. The whole financial economy is about to crash... With that said, we look at each chart individually. We are now considering the DXY, the U.S. Dollar Index. We know that this index moves in an inverse faction compared to Bitcoin and the stock market. This index last turned bullish in December 2023. After peaking in April 2024, it is going bullish again now and it has been producing a bottom formation for an entire month. This is a long time to produce a bottom which means that this is a strong bottom. We know Bitcoin is bearish and moving lower. We know of the lower highs, trading below MA200, the strong bearish volume and all the other dynamics; This signal is a major signal and the last confirmation. We are now seeing the DXY go bullish and this in turn works as a bearish signal for Bitcoin. The DXY can be read in many other ways but we are looking at its relation with Bitcoin because we focus first on the Cryptocurrency market. The DXY is set to move up and will produce its biggest bullish wave since December 2023. See the 'Related publications' for some of the charts that I see bearish, such as: SPX, NDX, DJI, NVDA & Bitcoin. Thank you for reading. Namaste.
TVC:DXYLong
by AlanSantana
6
DXY H8 - Long SignalDXY H8 There isn't too much to report on here for the likes of the dollar index, we have seen a bullish start to the week so far which was as expected, but we are still very much in the same range which trades between 100.200 price and 101.000 price, we really need to see a break north of this 101 level. A break of 101.000 price, and subsequent surge towards 101.800 to 102.000 price is the next goal. Good start to the week thus far. Lets see if we can start to see these setups we have been following unfold a little more in our favour!
TVC:DXYLong
by Trade_Simple_FX
Navigating the Downtrend: DXY’s Critical Battle Within the rangeHey Traders, The U.S. Dollar Index ( TVC:DXY ) is currently trading in a downward trend channel, showing bearish momentum. However, the index is approaching critical levels where a potential breakout could lead to a shift in market sentiment. Let's take a closer look at the technical landscape and identify key levels to watch for both bullish and bearish scenarios. Current Market Conditions: Trend: The DXY is trading in a well-defined descending channel, with lower highs and lower lows confirming the bearish trend. Resistance Levels: The index is nearing a crucial resistance zone at 101.526, which also aligns with the upper boundary of the descending channel. This level will be critical to watch for potential rejections or breakouts. Support Levels: On the downside, immediate support lies at 100.762, followed by further support at 100.550 and 100.175. These levels may provide potential buying interest if the downtrend continues. Candlestick Patterns: Currently, the price action is showing hesitation as it approaches the upper boundary of the channel, signaling indecision in the market. Fundamental Analysis/Outlook: The strength of the U.S. dollar has been impacted by several factors, including recent Federal Reserve interest rate decisions, inflation reports, and mixed economic data from the U.S. While Treasury yields have been fluctuating, any changes in market sentiment around future rate hikes could provide directional cues for the DXY. Additionally, movements in global risk sentiment, particularly related to major economic events, could influence the dollar's trajectory. With uncertainties looming, traders should stay vigilant for news around U.S. GDP reports, employment data, and other key macroeconomic indicators. Targets: Upside Target: If the DXY breaks above the resistance zone at 101.526, the next key target would be 101.751, which marks a significant resistance level. Downside Target: In case of a bearish continuation, traders should watch for a move towards 100.550, with the possibility of reaching the lower support at 100.175. Risk Management: Stop-Loss: A recommended stop-loss level for a long position would be slightly below the 100.550 support level, around 100.400, to protect against further downside movement. Position Sizing: Given the volatile nature of the market and the proximity to key levels, consider adjusting your position size accordingly to manage risk effectively. Conclusion: DXY is at a pivotal juncture within its descending channel/range. A breakout above the 101.526 resistance could signal a potential reversal, while a rejection at this level may lead to a continuation of the downtrend. Traders should closely monitor key levels, as the next moves will likely set the tone for the index in the coming sessions. Sign-Off: "Success is not final, failure is not fatal: It is the courage to continue that counts." I would love to hear your thoughts in the comment section, and please hit boost and follow for more ideas. Thank you, and profitable trading to you all!
TVC:DXY
by SignalSage_Ben