Happy Friday market traders and speculators alike.

First Finlogix analysis today goes to the US Dollar DXY index.

I have made another profit from yesterday’s call with a holding time of 3 hours only:

https://www.finlogix.com/analysis/20240321/us-dollar-dxy-intraday-analysis-and-trading-plan-for-march-21-2024

I’m on a 6-win streak with an overall record of 7 wins and 2 losses since January.

Stay with me to the end as I unfold another idea.

Only 1 US major economic data left due later tonight.

When everyone thought of a weakening US Dollar, I’ve seen the opposite way!

Yesterday is a roller coaster ride for the DXY index.

After an initial sell-off from from the dovish toned FOMC speech early morning, Greenback has retaliated in the evening with fashion from a split majority 3 economic inflation barometers favoring it!

Even breaking its week’s high at press time!

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

Yearly Candle: Still a Green Shaven Bottom since last check but a Diminishing Head Wick

Monthly Candle: Last check is a Red Hammer now a Dragonfly Green Doji

Weekly Candle: Last check is a Long Legged Neutral Doji now Green Body with a Longer Tail Wick

Daily Candle: Previous close is a Green Body current is also developing a Green Body

The US Dollar DXY index has defied the odds against a bearish thesis!

After able to find willing buyers through its long term 23.60% fib level, it sustained the weekly breakout and re-gained control on the 200-day SMA trading highly above it.

The US bond yields have eased since yesterday. A confirmed rise may further sustain the index’s newfound 12-day up trend.

Exactly as planned yesterday, so today I continue buying the Dollar on its strength.

Yes it’s has entered a strong supply from previous 23-day down trend, but as said earlier, it has re-conquered the 200-day SMA as a strong support so the Greenback stays bid to finish Friday’s sessions. 

On the 4H chart, we can see multiple rallies that are helping the flipped S/R area as a support that continued the new up trend.

The strong rejecting pin bar on the weekly view has been mutated into a Green bodied candle suggesting strong willed DXY bulls.

I maintain to buy intraday pull backs with the following new buy orders:

This time I’m targeting the 48-day up trend high formed last February 14 with stop loss set on a complete annihilation of today’s low.

US Dollar DXY Intraday Analysis and Trading Plan For March 22, 2024

Mar 22 2024

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