DXY long, EXPLAINED, Market behavior, Correlation

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Hello Traders !

What is the DXY?
It is an index of the value of the United States dollar relative to a basket of foreign currencies. The Index goes up when the U.S. dollar gains strength (value) compared to other currencies.

Why do we need to analyze it?
Actually I like to have a look on the DXY because of the Correlation. So the DXY is nice to use when we are trading XAUUSD, EURUSD, AUDUSD, GBPUSD. Usually when the DXY goes up, the mentioned pairs will go down.

Chart Analysis:
Actually we see a very nice Up Trend Trend Channel and we could see that the price reversed from the daily resistance. I also marked on the Charts my Supply and Demand Zones. Now the price dropped and formed a new Demand Zone. After such a huge drop we can expect at least a correction. Also very nice is that we have there a h4 Demand Zone. From here I expect the price to go up. My current Target would be the Supply Zone marked on the Charts.

That was my Idea and I hope you did like it. Please leave a LIKE if you like my Content that I share with you. In the comment section you can tell my your view and ask questions.

Thank you and we will see next time
- Darius.