Hello Traders,
Here is the Top-Down Analysis of DXY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 48 - Nov 23
M > Price dropped till monthly support, faced rejection and started bullish move. After a huge bearish dump we expect price to retrace for correction till at least 0.382 Fib level on month bearish impulse. Price is yet to reach this level. We can also see an M formation, its neck coincides with 0.5 Fib level on monthly bearish impulse.
W > After rejection at monthly support price moved up till 0.5 Fib level on weekly bearish impulse to dropped again. Price has faced rejection at weekly support again creating double bottom. We can also see bullish divergence from W and lower time-frame charts.
D > Price is respecting downward resistance trend-line. We saw an M formation created during US election drop and as expected price moved up to test its neck last week before dropping to test daily support again. We can now expect price to rise up to test resistance trend-line again. An upward move will also create an inverted H & S. We can see an M formation and can expect price to move up to test its neck in Long Term.
As per COT DXY has added both Long and Short, reducing net positions (still in -ve). DXY gained strength during the period however it dropped last week.
4H > Price has faced rejection at daily support and created double bottom. We can expect an upward move.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of DXY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 48 - Nov 23
M > Price dropped till monthly support, faced rejection and started bullish move. After a huge bearish dump we expect price to retrace for correction till at least 0.382 Fib level on month bearish impulse. Price is yet to reach this level. We can also see an M formation, its neck coincides with 0.5 Fib level on monthly bearish impulse.
W > After rejection at monthly support price moved up till 0.5 Fib level on weekly bearish impulse to dropped again. Price has faced rejection at weekly support again creating double bottom. We can also see bullish divergence from W and lower time-frame charts.
D > Price is respecting downward resistance trend-line. We saw an M formation created during US election drop and as expected price moved up to test its neck last week before dropping to test daily support again. We can now expect price to rise up to test resistance trend-line again. An upward move will also create an inverted H & S. We can see an M formation and can expect price to move up to test its neck in Long Term.
As per COT DXY has added both Long and Short, reducing net positions (still in -ve). DXY gained strength during the period however it dropped last week.
4H > Price has faced rejection at daily support and created double bottom. We can expect an upward move.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX