• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Technical Analysis

DXY Still Struggling to Rise From Big Support

Forex Tips by Forex Tips
September 19, 2020
in Technical Analysis
0
US Dollar Primed to Rise? USD/SGD, USD/IDR, USD/PHP, USD/PHP
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


USD Technical Highlights:

  • US Dollar Index (DXY) struggling to make good on bottoming pattern
  • Big long-term support remains key to bigger picture outlook

US Dollar Index (DXY) struggling to make good on bottoming pattern

The US Dollar Index (DXY) has a solid-looking bottoming pattern still in play via an inverse head-and-shoulders, but if price doesn’t break through the neckline soon then the formation could give-way to selling. To trigger the pattern a solid break of 93.66 is needed.

If a rally can break through then it should help drive USD higher to the March low at 94.65 or higher. However, if we see the right shoulder sag too much more, then risk turns towards sellers pressuring long-term support created by a level dating back to 1998 that is in confluence with a trend-line from 2011.

A break of 91.75 would give reason to believe that another extended leg lower is underway, with the 88-area targeted in that scenario.

In the week ahead we could learn a lot more about which way the DXY wants to trade, helping firm up a trading bias. It is of course entirely possible that choppy trading continues and neither of the above thresholds come into play. In this case, range/mean reversion traders will remain having the upper hand.

Top Trading Lessons

Top Trading Lessons

Recommended by Paul Robinson

Find Out the #1 Mistake Traders Make

US Dollar Index (DXY) Weekly Chart (big support)

US Dollar Index Weekly Price Chart

US Dollar Index (DXY) Daily Chart (yet to trigger bottoming pattern)

US Dollar Daily Price Chart

US Dollar Index (DXY) Chart by TradingView

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

—Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX





Source link

Share76Tweet47

Related Posts

USD Snaps Back- Are Bears Taking Control?

by Forex Tips
January 21, 2021
0

US Dollar Technical Price Outlook: DXY Near-term Trade LevelsUS Dollar technical trade level update – DXY Daily & Intraday...

Trend Remains Bullish with Potentially Bearish Twist

Trend Remains Bullish with Potentially Bearish Twist

by Forex Tips
January 21, 2021
0

DAX/CAC Technical Highlights:DAX trending higher, consolidating with one short-term bearish possibilityCAC chart similar to DAX, looking for corona gap-fill...

USD/CHF, NZD/CHF Eye Key Levels

Swiss Franc Technical Forecast: NZD/CHF, CAD/CHF Chart Setups

by Forex Tips
January 21, 2021
0

Swiss Franc Technical Forecast – Talking PointsSwiss Franc faces tough technical picture versus CAD and NZDNZD/CHF is preparing to...

USD/MXN Breakdown to Nine-month Lows

by Forex Tips
January 21, 2021
0

Mexican Peso Technical Price Outlook: USD/MXN Near-term Trade LevelsMexican Peso updated technical trade levels – Weekly & Daily ChartsUSD/MXN...

New Zealand Dollar Forecast: Bull Moves May Not Be Done Yet

by Forex Tips
January 21, 2021
0

New Zealand Dollar Forecast Overview:Despite losses over the past week, the New Zealand Dollar may soon be positioned to...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.