With the rapid deterioration in the world's confidence in us, how much more will the DX fall the next 2 years?
https://www.heritage.org/monetary-policy/commentary/the-decline-and-fall-the-us-dollar
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metmike: Here's one traders thoughts today.
I've never traded the dollar and am only providing information about the dynamics in the world right now NEVER making a trade recommendation about this index.
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The U.S. Dollar Index tracks the strength of the dollar against a basket of major currencies. DXY was originally developed by the U.S. Federal Reserve in 1973 to provide an external bilateral trade-weighted average value of the U.S. dollar against global currencies. U.S. Dollar Index goes up when the U.S. dollar gains "strength" (value), compared to other currencies. The following six currencies are used to calculate the index:
Hey Traders, in today's trading session we are monitoring DXY for a selling opportunity around 102.500 zone, DXY is trading in an uptrend and currently seems to be attempting to break it out. if we get dips below 102.500 support we will look for a potential retrace of the trend towards more lows.
Trade safe, Joe.
As I expected in the previous post, DXY reached the resistance lines.✅
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1. 1 year chart. Downtrend.
2. 3 year chart. Highs are in. Bear flag in a downtrend. Key support around 100.
35 years
https://www.marketwatch.com/investing/index/dxy/charts