DXY Finding Resistance at PSR?
https://www.tradingview.com/x/GwTQJPQ4/
Hello Traders... DXY, the USDOLLAR Index, this is the bad boy which causes many traders' mystery. It is very important to know what this index is doing if you are to trade the other six majors. USD-JPY seem to have a mind of its own. If DXY is rising, USD-CAD and USD-CHF will also rise with it and EUR-USD, GBP-USD, AUD-USD and NZD-USD will be falling. The opposite happens when DXY is falling. Based on the chart, it looks like the bad boy has found some resistance where he normally finds one. The last time he visited this area, we had a huge move to the down side. If history repeats itself, and sometimes it does, we could see another huge move to the down side, which means we will be looking to short USD-CAD and USD-CHF and buying the other four majors above. I am now waiting for the current resistance, which coincidentally is also being defined by our Fibs as a deep retracement at Fib 23.6, to give a low, then I will insert my trend line. If price closes below that trend line, that could be a confirmation that the move to the down side is underway. I hope this little helps. Happy trading as always. Thank you.
Hello Traders... DXY, the USDOLLAR Index, this is the bad boy which causes many traders' mystery. It is very important to know what this index is doing if you are to trade the other six majors. USD-JPY seem to have a mind of its own. If DXY is rising, USD-CAD and USD-CHF will also rise with it and EUR-USD, GBP-USD, AUD-USD and NZD-USD will be falling. The opposite happens when DXY is falling. Based on the chart, it looks like the bad boy has found some resistance where he normally finds one. The last time he visited this area, we had a huge move to the down side. If history repeats itself, and sometimes it does, we could see another huge move to the down side, which means we will be looking to short USD-CAD and USD-CHF and buying the other four majors above. I am now waiting for the current resistance, which coincidentally is also being defined by our Fibs as a deep retracement at Fib 23.6, to give a low, then I will insert my trend line. If price closes below that trend line, that could be a confirmation that the move to the down side is underway. I hope this little helps. Happy trading as always. Thank you.
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