To examine the dollar index with the symbol DXY, we first go to the fundamental.
Perhaps the most important data this week is the fundamental Unemployment Claims and then the Flash PMI. According to a previous chart review, whenever a lower Unemployment Claims is released, a long ascending candlestick is created in the 5-minute timeframe, and whenever it has a higher rate, a higher descending candlestick is created.
Flash PMI data has had less of an impact on the market than Unemployment Claims unless it is accompanied by other economic data.
Last week, most of the news about the dollar was negative or neutral. Like the PPI, which was lower than expected and caused it to fall from the range of 94.3 to the range of 93.8.
I think this week the decline will continue to 93.4 or 93.2. Especially when a triangle pattern is formed. Also, the downward movement can continue to create a Higher Low compared to the previous valley.
In the range of 93.6 we have this high chart that the price can react to that range. 93.23 and 92.97 can also be important ranges. On the other hand, we have a resistance above the price, which is area 94, and if it fails, the next resistance is 94.5.
In lower time frames, more support and resistance levels are seen. For example, the lower side of triangle 93.8 to which the price can react. Or even the ceiling of a triangle pattern that is close to the resistance of 94.1
Perhaps the most important data this week is the fundamental Unemployment Claims and then the Flash PMI. According to a previous chart review, whenever a lower Unemployment Claims is released, a long ascending candlestick is created in the 5-minute timeframe, and whenever it has a higher rate, a higher descending candlestick is created.
Flash PMI data has had less of an impact on the market than Unemployment Claims unless it is accompanied by other economic data.
Last week, most of the news about the dollar was negative or neutral. Like the PPI, which was lower than expected and caused it to fall from the range of 94.3 to the range of 93.8.
