My April 12 bullish call targeting the 106 level has been triggered through yesterday’s swing high. However, I’m expecting a DXY rising wedge reversal soon!

This move has ended my straight 2 losses after holding the trade position for 41 days and 22 hours:

https://www.finlogix.com/analysis/20240412/dxy-intraday-analysis-and-trading-plan-for-april-12-2024

An overall updated record of 9 wins and 4 losses.

The US is set to have 4 remaining high impact economic reports starting tonight to wrap this trading week.

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

Yearly Candle: Still Green Body since last check but with a Longer Head Wick

Monthly Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Body with a Longer Tail Wick

Weekly Candle: Both previous and current are Green Long Lower Shadows

Daily Candle: Previous close is a Green Body with Almost Equal Wicks current is a Red Spinning Top

May-June bottoms were further confirmed as support levels through May 21-22 bullish FVG.

This caused an upward price reversal after April-May double top resistance levels were achieved.

However, the DXY index maintains its latest uptrend after the resilient May-June bottoms.

Yesterday, the index had a good buy side liquidity grabbing and the first red 4H candle is manifesting.

If the next 4H candle or 2 gets rejected close or above yesterday’s high, then a rising wedge reversal to the downside can commence.

In order to negate this bearish thesis, the DXY bulls need to fully conquer the double monthly resistance trendline in April and May.

For now, I’m focusing on selling DXY upon its rally attempt intraday till then end of the current week with these short orders:

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

I’m betting for a downward price reversal to occur first before the first Fed cut this year.

All trade ideas I share are my own views and for my own trades only.

DXY Intraday Analysis and Trading Plan For June 27, 2024

Jun 27 2024

Entered +0.35%

Holding time 170d13hr

105.73

Current price

104.80

Take profit price

1