DXY (USD Index) 4hour Analysis October 23rd, 2022
DXY Bullish Idea
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: Last week we experienced some bearish news and we saw price action fall to our support around 112.000. We haven’t broken anything yet, the news seems to have just accelerated the pattern formation.
Going into this week we are looking for a break or bounce of 112.000 to better understand where DXY is going next.
Because no trend was broken it’s more likely that we will see DXY hold a bullish trend and move higher.
Trade scenario 2: For us to consider DXY more bearish on a 4hour timeframe we would need to see a break below 112.000 with a lower high below.
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: Last week we experienced some bearish news and we saw price action fall to our support around 112.000. We haven’t broken anything yet, the news seems to have just accelerated the pattern formation.
Going into this week we are looking for a break or bounce of 112.000 to better understand where DXY is going next.
Because no trend was broken it’s more likely that we will see DXY hold a bullish trend and move higher.
Trade scenario 2: For us to consider DXY more bearish on a 4hour timeframe we would need to see a break below 112.000 with a lower high below.