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

I have made another profit last March 22’s trade plan:

https://www.finlogix.com/analysis/20240322/us-dollar-dxy-intraday-analysis-and-trading-plan-for-march-22-2024

My win streak continues extending to 7 with an overall record of 8 wins and 2 losses since January.

The first economic release out of 9, the ISM Manufacturing PMI came out higher than forecast.

The DXY index has printed a fresh 48-day high during the intraday rally.

Markets remained in volatile sessions as we head into the mid-week.

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

Yearly Candle: Last check is a Green Shaven Bottom with a Diminishing Head Wick now a Green Body

Monthly Candle: Previous close is a Green Long Lower Shadow current is a Green Body 

Weekly Candle: Previous close is a Green Small Bodied Doji current is a Green Body

Daily Candle: Previous close is a Green Body with a Longer Head Wick current is developing a Small Green Spinning Top

The strong March macroeconomic reports has sustained for DXY bids resulting in a 25-day uptrend continuation.

The last time I checked DXY’s March candle, it was in a green dragonfly doji formation that has extended its bullish trajectory by closing in a green long lower shadow.

Today’s high has broken yesterday’s top and according to the current daily candle formation mentioned above, we can see a bullish opening gap.

This gap must not be fully retraced if the index wants to continue higher avoiding a double daily top formation.

With the DXY refusing to give up the newly reclaimed 105 level, I think the index will continue to rally upwards challenging the strong 105.50 to 106.60 premium levels.

My plan is to set a bid on potential pullbacks, and wait for them patiently.

Although, the current price is a tempting buy position but better to observe and wait for pullbacks first.

Whether or not the intraday opening gap is fully retraced, the Greenback will have lots of buybacking pressures.

I’m targeting the November 10, 2023 swing high order blocks to take profit while setting up a stop loss below yesterday’s low.

DXY Intraday Analysis and Trading Plan For April 2, 2024

Apr 02 2024

1