The US Dollar DXY index has printed a new 57-day high since February. Its 35-day uptrend has continued.

First Finlogix analysis today goes to the DXY index.

Previous April 8 tradeplan has ended in another loss:

https://www.finlogix.com/analysis/20240408/dxy-intraday-analysis-and-trading-plan-for-april-8-2024

Back to back losses. An overall record of 8 wins and 4 losses.

1 more US major economic report to be released tonight, the Prelim UoM Consumer Sentiment.

A stronger than forecasted March CPI figures last Wednesday helped surge the Greenback against its rivals.

Followed by lower than expected Jobless claims yesterday which further soared the DXY index after some momentary pullbacks.

In general, the volatility has kicked in the markets.

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

Yearly Candle: Still Green Body since last check but with a Grown Body and Diminished Head Wick

Monthly Candle: Last check is a Red Long-Legged Spinning Top with a Small Body now a Green Body with a Longer Tail Wick

Weekly Candle: Last check is a Small Green Semi-Doji now a Red Long Upper Shadow

Daily Candle: Yesterday close is a Green Long-Legged Semi Doji current is developing a Small Red Body with a Longer Tail Wick

After an initial retreat from its 48-day high last week, the Greenback surged strongly breaking the 105 level resistance aided by the uptick in US March CPI data.

Traders and investors’ hope for a Fed cute rate in June will be moved towards September.

The index continues to trade above its 200-day SMA which is a bullish confirmation.

If the index wants to go higher, it may face a new wall from November 10, 2023 order block.

My previous short trade plan has gone totally wrong! I was betting on weak CPI figures but it came out oppositely.

With the DXY printing a new 2024 high yesterday, it can be one of the early signs for more moves higher.

Latest bullish developments have helped me decide to long the US dollar again with the following orders:

My buy entry mimics my failed short attempt previously, this time the 104 level will act as a support for the potential pullbacks.

I’ve adjusted the stop loss order to match a 3 RRR targeting the November 10, 2023 OB as take profit.

Let’s see if the DXY wants to continue higher soon.

Copy trading and trading directly involve risks.

DXY Intraday Analysis and Trading Plan For April 12, 2024

Apr 12 2024

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