DXY Update - Still Bearish
ที่อัปเดต:
I've recently published several DXY analysis since last week and they are all playing out as anticipated. They are linked below for your reference.
Today, I am doing a quick update of what I am seeing now. The first analysis shared the idea of the Big H&S while the shoulder was developing. And then the 2nd analysis gave an update on the short term progress before the small H&S was created. Now both patterns are fully developed and on their way to playing out to their measured moves.
Looking at the structure, DXY continues to look bearish. It looks like it may come down to reach and potentially break the previous lows.
DXY continues to break level after level and currently bouncing around a key psychological level (90.000). I am thinking it may play around here before breaking down from this level.
Assuming it continues down, I put some potential targets for this downward move.
You may be asking yourself why this is important and why I put so much emphasis on DXY. It is important because DXY has a very significant impact on the direction of all the majors. In terms of direction and market momentum, I generally keep a closer eye on DXY than the pairs I am trading. Check out my EURUSD bullish forecast to show how much emphasis I put on DXY in determining if the idea will play out or not (I've linked this one below too).
Long story short, if DXY continues to go down as I am anticipating with this idea, then expect EU to continue its drive upward.
Let me know your thoughts.
Trade Safe!
HEET
Today, I am doing a quick update of what I am seeing now. The first analysis shared the idea of the Big H&S while the shoulder was developing. And then the 2nd analysis gave an update on the short term progress before the small H&S was created. Now both patterns are fully developed and on their way to playing out to their measured moves.
Looking at the structure, DXY continues to look bearish. It looks like it may come down to reach and potentially break the previous lows.
DXY continues to break level after level and currently bouncing around a key psychological level (90.000). I am thinking it may play around here before breaking down from this level.
Assuming it continues down, I put some potential targets for this downward move.
- Measured Move of the Small H&S
- Previous low
- Measured Move of the Big H&S
You may be asking yourself why this is important and why I put so much emphasis on DXY. It is important because DXY has a very significant impact on the direction of all the majors. In terms of direction and market momentum, I generally keep a closer eye on DXY than the pairs I am trading. Check out my EURUSD bullish forecast to show how much emphasis I put on DXY in determining if the idea will play out or not (I've linked this one below too).
Long story short, if DXY continues to go down as I am anticipating with this idea, then expect EU to continue its drive upward.
Let me know your thoughts.
Trade Safe!
HEET
บันทึกช่วยจำ
DXY is ranging. Its bouncing up and down alot. Really difficult to trade. I'm leaving my trades open and stepping away from the screens. They are both set to break even. If they stop out then my ideas are likely invalidated anyway.
Today is really stressing me out alot more than most days.
บันทึกช่วยจำ
DXY is really acting up. That last drive up is really screwing with people's psychology.
DXY is currently at that critical level mentioned in the post above. If it breaks, I will be looking for reversals.
บันทึกช่วยจำ
The govt yields are really screwing with DXY. As yields go up, DXY goes up.
Yields are correcting and could push DXY down.
From now on, I will need to check Yields before checking DXY.
บันทึกช่วยจำ
Price finally broke below the 90 psychological key level. Keep an eye on yields, it is up while DXY is down. I'm guessing a retrace sooner than later. Hopefully we get a pullback for some EU buys to the upside.
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