USDX wave (A) up finishing - (B) correction soonIm not bullish, bearish, or neutral. It all depends on what the timeline is.
Short term, bearish;
- 5 waves up complete,
- strong rejection of the bulls shown in long wicks up,
- I would call strong bearish divergence on daily RSI (several peaks show declining RSI peaks while price has been rising),
- A strong recent rally in USD.
indicates that a correction is expected. By my count this would be a wave B of (B) for <100% retracement of wave A - I arbitrarily chose a 0.618 retrace.
Medium term (couple of weeks time) bullish;
- wave C (of wave (B) assumed to reach 1:1 of wave A, although it may not reach that high,
- This is based on a B wave being comprised of a 5 (or 3) waves A, followed by 3 wave B, and (always) 5 wave C. This would mean 3 waves down is next on the sequence.
Medium - long (after the ABC sub-move has terminated finishing wave (B) and the wave (C) commences) strongly bearish;
- Wave (C) always comprises 5 wave where wave (A) also had 5 waves,
- Wave (A) was quite strong and I will be interested to see if wave (C) is as strong because it will mean a significant move down.
This analysis is 100% technical and includes no fundamental analysis. Let's see if it can stand on its own. I am not a FOREX trader and don't expect to become one. My trading is limited to cryptocurrency, crude, silver, and gold currently, although, I am keen to expand to other commodities. This is published for my own education.
Usdxshort
USDX approaching support, potential bounce! Price is approaching our first support at 94.19 (horizontal overlap support, 76.4%, 23.6% Fibonacci retracement) where price might potentially bounce and rise to our major resistance at 95.58 (horizontal swing high resistance, 100% Fibonacci extension).
Stochastic (89,5,3) is also approaching our support and a bounce off this level might see a corresponding rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX approaching resistance, potential drop!USDX is approaching our first resistance at 95.24 (horizontal swing high resistance, 78.6% Fibonacci retracement, 61.8% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 94.68 (horizontal overlap support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement).
Stochastic (89,5,3) is also approaching resistance where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX approaching resistance, potential drop! USDX is approaching our first resistance at 95.14 (horizontal overlap resistance, 76.4% Fibonacci retracement, 61.8% Fibonacci extension) where a strong reaction might occur below this level pushing price down to our major support at 94.10 (horizontal swing low support, 61.8% Fibonacci extension, 76.4% Fibonacci retracement).
Stochastic (89,5,3) is also approaching resistance and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX approaching resistance, potential drop! USDX is approaching our first resistance at 95.09 (horizontal overlap resistance, 38.2%, 76.4% Fibonacci retracement, 61.8%, 100% Fibonacci extension) where a strong reaction might occur below this level pushing price down to our major support at 94.45 (horizontal overlap support, 50% Fibonacci retracement).
RSI (34) is also approaching resistance where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX Reference for USD pairsW: Shows rejection at 95.00, 95.50. Undergo retracement.
D: Closed bearish with momentum to the downside. Challenge 93.00
H4: Broke neckline. Interested to do short USD pairs if price retrace back to 94.20. TP1 at 93.40
Not recommended to enter at current closing price, 93.96.
Depending on momentum of a candle stick, we can see that 94.50 neckline has been broken. The next zone where price pushed up were at 93.40, that'll be TP1.
Disclaimer: Am not trading USDX. Merely using USDX as reference for USD pairs. Zones are drawn using supply and demand levels.
USDX approaching resistance, potential drop! USDX is approaching our first resistance at 94.76 (horizontal overlap resistance, 50% Fibonacci retracement, 61.8%, 100% Fibonacci extension) where a strong reaction might occur below this level pushing price down to our major support at 94.17 (horizontal swing low support, 61.8% fiboancci extension, 61.8% Fibonacci retracement).
Stochastic (34,5,3) is also approaching its resistance and a reaction off this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX approaching resistance, potential drop! USDX is approaching our first resistance at 93.52 (horizontal pullback resistance, 38.2% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 91.80 (horizontal overlap support, 38.2% Fibonacci retracement).
Stochastic (89,5,3) is also seeing a bearish divergence and is approaching our major resistance where a reaction off this level might be a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
USDX reacted off resistance, further potential drop! USDX reacted off our first resistance at 92.85 (horizontal swing high resistance, 76.4% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 90.96 (horizontal pullback support, 50% Fibonacci retracement). A breakout below our intermediate support at 91.93 (horizontal overlap support, 61.8% Fibonacci extension, 23.6% Fibonacci retracement) might provide the bearish acceleration to our major support level.
Stochastic (89,5,3) is also reacting off our major resistance and is seeing a bearish divergence where we might see a corresponding drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
USDX reacting off resistance, further potential drop!Price is reacting off our first resistance at 92.54 (horizontal overlap resistance, 100% Fibonacci extension, 61.8% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 91.78 (horizontal overlap support, 61.8% Fibonacci extension, 23.6% Fibonacci retracement).
Stochastic (89,5,3) is also seeing a bearish divergence and is reacting off our major resistance where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX testing resistance, potential drop! USDX is testing our first resistance at 92.54 (horizontal overlap resistance, 100% Fibonacci extension, 61.8% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 91.78 (horizontal overlap support, 61.8% Fibonacci extension, 23.6% Fibonacci retracement).
Stochastic (89,5,3) is also seeing a bearish divergence and is reacting off our major resistance where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX testing resistance, potential drop! USDX is testing our first resistance at 91.68 (horizontal overlap resistance, 100% Fibonacci extension, 50% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 91.00 (horizontal overlap support, 23.6% Fibonacci retracement).
Stochastic (55,5,3) is also seeing a bearish divergence and is approaching its major resistance where a reaction off this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX approaching resistance, potential drop! USDX is approaching our first resistance at 91.68 (horizontal overlap resistance, 100% Fibonacci extension, 50% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 91.00 (horizontal overlap support, 23.6% Fibonacci extension).
Stochastic (55,5,3) is also seeing a bearish divergence and is approaching its major resistance where a reaction off this level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX approaching resistance, potential drop! USDX is approaching our first resistance at 90.93 (horizontal swing high resistance, 38.2% Fibonacci retracement, 61.8$, 100% Fibonacci extension). A strong reaction might occur below this level, pushing price down to our major support at 89.88 (horizontal overlap support).
Stochastic (55,5,3) is also approaching our major resistance and a reaction off this level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX approaching resistance, potential drop! USDX is approaching our first resistance at 89.70 (horizontal overlap resistance, 61.8% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 89.25 (horizontal swing low support, 61.8% Fibonacci extension, 78.6% Fibonacci retracement).
Stochastic (55,5,3) is also approaching our major resistance and a bounce off this level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX testing support, potential rise!
Price is testing our first support at 89.40 (horizontal swing low support, 76.4% Fibonacci retracement) which coincides with our short term ascending support line. A strong bounce might occur above this level, pushing price up to our major resistance at 89.94 (horizontal swing high resistance, 50% Fibonacci retracement).
Stochastic (89,5,3) is also approaching our major resistance and we might see a corresponding rise in price should it bounce off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX is reacting off resistance, further potential drop! USDX is reacting off our first resistance at 89.65 (horizontal swing high resistance, 23.6% Fibonacci retracement, bearish channel resistance) and a strong reaction might occur below this level, pushing price down to our major support at 88.99 (horizontal swing low support). A breakout of our intermediate support at 89.26 (horizontal swing low support, 78.6% Fibonacci retracement) might provide the bearish acceleration to our major support level. Ichimoku cloud is showing signs of bearish pressure in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDX approaching support, potential bounce! Price is approaching our first support at 89.57 (horizontal overlap support, 61.8%, 76.4% Fibonacci retracement). A strong bounce might occur at this level, pushing price up to our major resistance at 90.32 (horizontal overlap resistance, 76.4% Fibonacci retracement, 100% Fibonacci extension). A breakout of our intermediate resistance at 90.06 (horizontal pullback resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension) might provide the bullish acceleration to our major resistance level.
Stochastic (89,5,3) is also approaching our major support and seeing a bullish divergence, a good precursor for a potential rise should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
USDX testing support, potential bounce! USDX is testing our first support at 89.57 (horizontal overlap support, 61.8%, 76.4% Fibonacci retracement). A strong bounce might occur at this level, pushing price up to our major resistance at 90.32 (horizontal overlap resistance, 100% Fibonacci extension, 76.4% Fibonacci retracement). A breakout of our intermediate resistance at 90.06 (horizontal pullback resistance, 61.8% Fibonacci extension, 50% Fibonacci retracement) might provide the bullish acceleration to our major resistance level.
Stochastic (55,5,3) is also seeing a bullish divergence and is approaching our major support, where we might see a corresponding rise in price should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
USDX testing support, potential rise! Price is testing our first support at 89.77 (Horizontal swing low support, 50% Fibonacci retracement, 100% Fibonacci retracement) and a strong bounce might occur at this level, pushing price up to our major resistance at 90.28 (horizontal overlap resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (55,5,3) is also approaching our major support and we might see a corresponding rise in price should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
USDX bounced off support, further potential rise! Price has bounced off first support at 89.77 (Horizontal swing low support, 50% Fibonacci retracement, 100% Fibonacci retracement) and might be pushed up to our major resistance at 90.28 (horizontal overlap resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (89,5,3) is also approaching our major support and a bounce off this level might be a good precursor for a further potential rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
USDX reached resistance target perfectly, potential for reversalUSDX reached our first resistance perfectly at 90.52 (horizontal swing high resistance, 61.8%, 100% Fibonacci extension, Elliot wave structure). A strong reaction might occur below this level, pushing price down to our major support at 89.96 (horizontal swing low support, 38.2% Fibonacci retracement) which coincides with our short term descending resistance-turned-support line.
Stochastic (55,5,3) is also approaching our major resistance and a reaction off this level might be a good precursor of a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
USDX correction not overDollar correction has a big chance to continue. Expecting this to be a 3 wave correction with the end around .50 or 0.618 daily Fib levels. Will be looking for shorts if the price breaks the red TL to the downside.
