DXY (USD Index) 4hour Analysis January 1st, 2023

DXY Bearish Idea

Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish

Trade scenario 1: Looking bearish on the USD as we enter the new year. We ended the year with some consolidation near our 103.800 zone followed by a recent break of 103.800.

Looking into this week it’s likely we will see the USD continue bearish. Look for lower highs to confirm further downside movement.

Trade scenario 2: For us to see the USD as bullish again on this 4hour timeframe we need to see higher lows above 103.800 with convincing price action.