DXY: week10
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Hi Guys,
The U.S. dollar index is a measure of the value of the U.S. dollar vs a basket of currencies which include the euro, Japanese yen, Canadian dollar, British pound, Swedish krona and Swiss franc. The euro holds the most weight versus the dollar in the index, constituting about 58 percent of the weighting followed by the yen with about 14 percent.
And this is why DXY and EUR/USD do unfold very similar negatively correlated movements.
In view of this, according to my previous post EUR/USD: week9 (related links below), DXY maybe forming a bear trap on the 50SMA and be pushed up by the 100SMA.
On the other hand it could break support at 97 and extend the correction of the move from 0 to 5.
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
The U.S. dollar index is a measure of the value of the U.S. dollar vs a basket of currencies which include the euro, Japanese yen, Canadian dollar, British pound, Swedish krona and Swiss franc. The euro holds the most weight versus the dollar in the index, constituting about 58 percent of the weighting followed by the yen with about 14 percent.
And this is why DXY and EUR/USD do unfold very similar negatively correlated movements.
In view of this, according to my previous post EUR/USD: week9 (related links below), DXY maybe forming a bear trap on the 50SMA and be pushed up by the 100SMA.
On the other hand it could break support at 97 and extend the correction of the move from 0 to 5.
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
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