Dollar Index – Weekly Review
The U.S. Dollar (DXY) continues to track our long-term roadmap—today we assess whether that view needs an update. We’ll review the latest candlestick signals, mark the key confirmation levels and failure lines, and test the Elliott Wave structures to map the highest-probability paths for the next directional move.
CANDLES
The dollar is gaining solid footing on the mid/long-term frames. Thursday’s 10D close signaled continued upside, and the weekly likely printed a bullish consolidation; a fresh 8/20-EMA bullish cross supports that, alongside other technicals. The daily pulled back over the last two sessions, but the move looks like corrective consolidation. If the dollar doesn’t drop sharply next week, the 15D frame will likely further solidify the bullish odds. As noted in the monthly report, the dollar appears set for a rally in November—and possibly beyond.
Classical Pattern – Double Bottom
The dollar is progressing in a slow, healthy manner. It has already tested the potential double-bottom neckline and has a significant chance of breaking through it in the next few periods.
ELLIOTT WAVES
No changes to the long term, just a refreshed chart.
Road Map
The Dollar may be developing an upward impulse with the first wave as a diagonal. We need more time for the wave to mature, so that we can identify the targets.
SUMMARY
The Dollar closed October with decisive bullish candles and signals across multiple frames. Mid- and long-term momentum continues to strengthen. The recent pullback was likely corrective, and the Dollar is expected to follow the mid/long-term bullish odds in the near future.
Short term: neutral
Mid term: bullish
Long term: bullish
Happy Trading!
DXY Annual Review:
https://investingangles.com/2023/12/30/dollar-index-annual-review-dxy-dxy-usd-forex-elliottwave-gold-silver/
