I am bearish with DXY as per my analysis, Lets discuss.
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Currently active in a Long SCALP Position
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The US Dollar Index (DXY) has been stuck in a range lately, leaving traders scratching their heads. So, where does the Greenback go from here? Let's explore some potential scenarios:
Bullish Bias:
- Demand zone test: DXY is hovering near a key support zone around 103.20, potentially attracting buyers.
- Hawkish Fed: Continued hawkish signals from the Federal Reserve could bolster the dollar's appeal.
Long opportunity:
- A break above 103.80 could signal a bullish continuation, with targets at 104.50 and beyond.
Bearish Undertones:
- Overbought RSI: (RSI) is approaching overbought territory, suggesting a potential for a pullback.
- Geopolitical jitters: Rising geopolitical tensions could dampen risk appetite and hurt the dollar.
Short setup: A break below 103.00 could open the door for bearish momentum, targeting 102.50 and lower.
Cautious Approach:
- Consolidation phase: DXY's current range-bound action could persist until a catalyst breaks the deadlock.
- Wait for confirmation: Look for clear breakouts above or below key levels before placing trades.
- Focus on technicals: Utilize technical indicators and chart patterns to identify potential entry and exit points.
Disclaimer: This is not financial advice. Please consult with a qualified financial advisor before making any investment decisions.
Bullish Bias:
- Demand zone test: DXY is hovering near a key support zone around 103.20, potentially attracting buyers.
- Hawkish Fed: Continued hawkish signals from the Federal Reserve could bolster the dollar's appeal.
Long opportunity:
- A break above 103.80 could signal a bullish continuation, with targets at 104.50 and beyond.
Bearish Undertones:
- Overbought RSI: (RSI) is approaching overbought territory, suggesting a potential for a pullback.
- Geopolitical jitters: Rising geopolitical tensions could dampen risk appetite and hurt the dollar.
Short setup: A break below 103.00 could open the door for bearish momentum, targeting 102.50 and lower.
Cautious Approach:
- Consolidation phase: DXY's current range-bound action could persist until a catalyst breaks the deadlock.
- Wait for confirmation: Look for clear breakouts above or below key levels before placing trades.
- Focus on technicals: Utilize technical indicators and chart patterns to identify potential entry and exit points.
Disclaimer: This is not financial advice. Please consult with a qualified financial advisor before making any investment decisions.
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Trade Hit TP
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https: //s3.tradingview.com/snapshots/j/jOu5vpk1.png