DXY to 104 and possibly higher

Good Morning Traders,

The DXY continues to shows strength and rise while retaining levels gained, there are several reasons why it could potentially trade back up to $109 with continued strength. Here is a detailed summary:

Strong Economic Fundamentals: A key driver of currency strength is a strong and healthy economy. If the United States demonstrates robust economic indicators such as solid GDP growth, low unemployment, stable inflation, and positive interest rate differentials compared to other major economies, it can attract investors and lead to a strengthening of the U.S. dollar.

Monetary Policy Divergence: Central bank policies play a significant role in currency movements. If the U.S. Federal Reserve adopts a relatively hawkish stance by tightening monetary policy (raising interest rates or reducing stimulus measures) while other central banks maintain accommodative policies, it can create a divergence in interest rates and make the U.S. dollar more attractive, potentially driving the DXY higher.

Safe-Haven Status: The U.S. dollar has historically been considered a safe-haven currency during times of market uncertainty or geopolitical tensions. If global economic or political risks increase, investors may seek refuge in the U.S. dollar, leading to an upward pressure on the DXY.

Investor Sentiment and Market Flows: Market sentiment and capital flows can impact currency movements. If the U.S. dollar becomes more attractive to global investors due to its perceived strength and higher yields, increased capital inflows can contribute to a rise in the DXY.

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Invalidation on 12hr close below $102.75.

However a new local low followed by closing green and regaining levels is another long entry.

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the DXY looking good for continuation up

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105 DXY incoming

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Update:

Just noticed this article relevant to the initial post idea on DXY going to $104 and beyond.

Dollar gains on resilient U.S. economy, flight to safety - May 24, 2023 www.reuters.com/mark...appetite-2023-05-24/

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DXY hit $104 as expected. from the start of the charted move up.

Looking for retrace and regain with strength for continuation

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12 hour closures below $103.5 would invalidate the current up move up until a local low is formed and levels start being regained.

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Update: Tradingview moderators are dirty babooons

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105 incoming

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Big pullpack on DXY

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Expecting a bounce here since no 12 hour closures below 103.5

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Lose the level, new local low lower that what sent price up, regain level, looks good if it can regain.

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Good evening traders,
the DXY was unable to make the move to the next zone.

From here we expect a retest of the failure zone and further retracement to the last gain around 103.154

Respecting the level or a close under with a quick regain would be a long signal.

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The failure restest looks to be in and expecting a larger pullback to the identified zone in rectangle around 103 on the DXY

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pulling back as expected.
lets see what happens traders.

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Good Evening traders.

Looks like we are in for some more whipsawing on the DXY

Have a nice night

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Good Day Traders.

Lets see what happens

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Good afternoon traders,

This is the first time I have ever charted the DXY.
I have no idea what to expect here.

My bias is slight retrace and then new local low at my initial level I mentioned for the retest. Will post another chart later.

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want to see failures here

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I think my initial retrace idea range is working out to look good so far. Lets see what happens traders.

Not Financial Advice. At ones own risk to reward always.
But I watch this to look for strength on risk on assets.

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Good Evening Traders.

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Good evening traders,

looking for a retrace here, then a big pullback on the DXY

Have a nice evening

トレード終了: 利益確定目標に到達:

I should have closed this idea on May 25 when the DXY topped out as commented. Check the other idea for the current down move on the DXY