I’m on a 6-win streak with an overall record of 7 wins and 2 losses since January.
Stay with me to the end as I unfold another idea.
Upcoming High Impact Economic Report
Only 1 US major economic data left due later tonight.
When everyone thought of a weakening US Dollar, I’ve seen the opposite way!
Yesterday is a roller coaster ride for the DXY index.
After an initial sell-off from from the dovish toned FOMC speech early morning, Greenback has retaliated in the evening with fashion from a split majority 3 economic inflation barometers favoring it!
Even breaking its week’s high at press time!
Intraday Analysis
The US Dollar DXY index has defied the odds against a bearish thesis!
After able to find willing buyers through its long term 23.60% fib level, it sustained the weekly breakout and re-gained control on the 200-day SMA trading highly above it.
The US bond yields have eased since yesterday. A confirmed rise may further sustain the index’s newfound 12-day up trend.
Trade Plan
Exactly as planned yesterday, so today I continue buying the Dollar on its strength.
Yes it’s has entered a strong supply from previous 23-day down trend, but as said earlier, it has re-conquered the 200-day SMA as a strong support so the Greenback stays bid to finish Friday’s sessions.
On the 4H chart, we can see multiple rallies that are helping the flipped S/R area as a support that continued the new up trend.
The strong rejecting pin bar on the weekly view has been mutated into a Green bodied candle suggesting strong willed DXY bulls.
I maintain to buy intraday pull backs with the following new buy orders:
Buy Entry: 104.19
Stop Loss: 103.89
Take Profit: 104.89
Risk to Reward Ratio: 2.33
Conclusion
This time I’m targeting the 48-day up trend high formed last February 14 with stop loss set on a complete annihilation of today’s low.
Good luck again.
Trading involves risk.
More details at:
https://www.finlogix.com/analysis/20240321/us-dollar-dxy-intraday-analysis-and-trading-plan-for-march-21-2024
