The last Finlogix analysis today goes to the US Dollar DXY index.

After exactly holding for 1 day only, my previous trade plan has ended in another profit:

https://www.finlogix.com/analysis/20240307/us-dollar-dxy-intraday-analysis-and-trading-plan-for-march-7-2024

Winning 2 straight, I am now 3 wins and 2 losses respectively.

These are the 3 US major economic reports due tonight:

The Greenback will be heavily dependent on these outcomes.

Re-assessing the US Dollar DXY index high timeframe candles:

Yearly Candle: Last check is a Green Shaven Bottom now an Inverted Green Hammer

Monthly Candle: Last check is a Small Red Body with a very Short Head Wick now a Red Body with Longer Tail Wick

Weekly Candle: Previous close is a Red Body with Longer Tail Wick current is developing a Small Green Spinning Top

Daily Candle: Previous close is a Green Spinning Top current is developing a Green Body

The yearly candle mutation is concerning. It’s like the US Dollar index is giving up its gains.

Contrary, the monthly and weekly candles have found support around 101.90-102 levels.

The daily candle is also showing some signs of holding near support levels.

If we assume that the current down wave is finished which started on February 14 and bottomed on March 8, then a new up wave could be starting ending the 23-day down trend.

But it’s too early to say until the CPI results tonight go in full favor of the Greenback.

Mixed Friday results resulted further selling.

I am rooting for a corrective structure for this week meaning the DXY goes up first before the next drop lower.

A similar 1H 5-wave corrective structure from 103.43 to 104.29 that resulted further selling.

It will be bad idea to sell the already oversold Greenback so I will be buyer for now anticipating a stronger CPI figures tonight.

Consolidation already in its discount array since last week’s entry.

I will buy a market price, taking profit on the bearish 4H FVG full retracement and put the stop loss a little below March 10 lows.

US Dollar DXY Intraday Analysis and Trading Plan For March 12, 2024

Mar 12 2024

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