**Yearly Chart**
At the close of 2023, the yearly candle closed bearish suggesting continued bearish momentum for DXY going into year 2024. The index ranged between 107.35 and 99.57. The yearly candle also shows that the price took two years to test the manipulation candles of the years 2001 and 2002.
**Monthly Chart**
Moving down to the monthly chart we can see that the index was in a range last year. However, the current momentum is lower. The price closed lower last month at 101.37 level. For the opening of this month's candle, the price started to move higher after bouncing from equal lows or strong monthly demand zone. I still believe that the price will move lower after breaking equal lows.
**Note:** I don’t trade DXY but I use it as an indication when analyzing other currency pairs linked to USD.
**Weekly Chart**
The weekly chart closed as a small doji (indecision) candle which indicates low liquidity in the market which is due to the new year opening. Last week CPI news didn’t affect the direction of DXY index. My Bias remains bearish at least to lower prices at around 101 and below 100 levels in the coming weeks. However, I would like to see DXY move towards testing 104 level (MC on the weekly chart) before going lower.
**Daily Chart**
I will be looking to see a tap into the supply zone around 104 level before it moves lower. If it continues lower then the higher supply area will be unmetigated area which will be a target for future moves.
At the close of 2023, the yearly candle closed bearish suggesting continued bearish momentum for DXY going into year 2024. The index ranged between 107.35 and 99.57. The yearly candle also shows that the price took two years to test the manipulation candles of the years 2001 and 2002.
**Monthly Chart**
Moving down to the monthly chart we can see that the index was in a range last year. However, the current momentum is lower. The price closed lower last month at 101.37 level. For the opening of this month's candle, the price started to move higher after bouncing from equal lows or strong monthly demand zone. I still believe that the price will move lower after breaking equal lows.
**Note:** I don’t trade DXY but I use it as an indication when analyzing other currency pairs linked to USD.
**Weekly Chart**
The weekly chart closed as a small doji (indecision) candle which indicates low liquidity in the market which is due to the new year opening. Last week CPI news didn’t affect the direction of DXY index. My Bias remains bearish at least to lower prices at around 101 and below 100 levels in the coming weeks. However, I would like to see DXY move towards testing 104 level (MC on the weekly chart) before going lower.
**Daily Chart**
I will be looking to see a tap into the supply zone around 104 level before it moves lower. If it continues lower then the higher supply area will be unmetigated area which will be a target for future moves.
Join our PropSignals Channels on Telegram
t.me/+AJLAS9g5E_MxYmM8
t.me/+AJLAS9g5E_MxYmM8
