Is the DXY about to reverse and continue it's long term uptrend?
Hi all,
Thanks for taking the time to view my idea feel free to like, boost and follow me on my charting journey.
In this analysis I do a top down from the monthly chart to what you see here. I use the time based fib extension, fib retracement along with the ssma's as my momentum indicators.
Brief description of the DXY the DXY is a Basket of currencies the main being the Euro consisting of approximately 57%, Japanese Yen 13.6%, Pound Sterling 11.9%, Canadian Dollar 9.1%, Swedish Krona 4.2% & the Swiss Franc 3.6%.
The Index goes up when the U.S. dollar gains strength compared the the rest of the foreign currencies.
As we have had quite the retracement in the DXY the short term momentum is trending down with the medium term going flat, to regain an upward trajectory we will need to regain the 50 ssma to support the continuation higher, without the support of the 50 ssma I would expect the down trend to continue until we see a trend reversal.
With price still above the 200 ssma I still believe the DXY is in an uptrend with a short to medium term drawdown taking place.
I wish you all the best out there, Invest smart, Be savvy & Don't lose your hard earned money.
"The loss of capital is far more painful than no capital gained".
Crypto Leonard.
Thanks for taking the time to view my idea feel free to like, boost and follow me on my charting journey.
In this analysis I do a top down from the monthly chart to what you see here. I use the time based fib extension, fib retracement along with the ssma's as my momentum indicators.
Brief description of the DXY the DXY is a Basket of currencies the main being the Euro consisting of approximately 57%, Japanese Yen 13.6%, Pound Sterling 11.9%, Canadian Dollar 9.1%, Swedish Krona 4.2% & the Swiss Franc 3.6%.
The Index goes up when the U.S. dollar gains strength compared the the rest of the foreign currencies.
As we have had quite the retracement in the DXY the short term momentum is trending down with the medium term going flat, to regain an upward trajectory we will need to regain the 50 ssma to support the continuation higher, without the support of the 50 ssma I would expect the down trend to continue until we see a trend reversal.
With price still above the 200 ssma I still believe the DXY is in an uptrend with a short to medium term drawdown taking place.
I wish you all the best out there, Invest smart, Be savvy & Don't lose your hard earned money.
"The loss of capital is far more painful than no capital gained".
Crypto Leonard.
