After a solid downtrend that broke some significant weekly support zones and market structure, the USD index looks to have found a bottom and is now in correction mode on the daily.
I'm expecting further short-term strength to test the previous structure before DXY decides its next move.
It's not common to trade this index by itself, however, it's a really good indicator and confirmation of trades we may be taking that are inversely correlated.
See you on the next FX market scan to discuss further.
Cheers
Dale
DISCLAIMER: Just ideas, no crystal ball, NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation.
I'm expecting further short-term strength to test the previous structure before DXY decides its next move.
It's not common to trade this index by itself, however, it's a really good indicator and confirmation of trades we may be taking that are inversely correlated.
See you on the next FX market scan to discuss further.
Cheers
Dale
DISCLAIMER: Just ideas, no crystal ball, NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation.