After a heck of a year in 2022, the dollar’s course appears to have changed once again.
Heading into last September, the DXY was up over 20%. But at the end of that very same month, the dollar started to give back some of those gains.
Over the next few months to follow, the DXY declined by around 12%. For the reserve currency of the “world”, that’s a somewhat unusual move.
The dollar is supposed to be somewhat “stable”. It helps keep international trade (and the global economy for that matter) running smoothly – as it should.
And as long as interest rates continue to remain elevated, I doubt we’ll see this currency volatility disappear anytime soon.
Right now, I think the golden dollar appears to have started its next big move…
Recently, the dollar was able to break out of the daily channel resistance structure.
Take a look below at the “Chart of the Day” where you’ll see what I’m talking about.
I’m not positive whether this strength signifies a true shift in trend … or if it’s going to turn out to be a brief rally in what is a larger bear market move for the US Dollar.
That’s why I’ve identified a few near-term targets in the Dollar Index based off of some notable recent highs which I’ve imaged for you as well:
Target one is located at $105, followed by 2 dollar increments higher after that all the way up to $111.
So, from a trading standpoint, it will be ideal to look to buy dips in the US Dollar Index {DXY} until further notice as long as this price holds above the breakout.
You could expect this move in the dollar to be the strongest rally we’ve seen since September 2022.
Hope this helps you!
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Author: Anthony Speciale
Anthony Speciale Jr. Born and raised into a blue collar family in the suburbs of Northern New Jersey, I have in recent years put down the wrenches I’ve been turning for the better part of my entire life and have become a professional energy trader. My mother was a nurse practitioner and my father was an auto mechanic. I had literally watched both of my parents work endless hours with their hands throughout their entire lives and after loosing my mother at a young age to cancer, I had decided I wanted a different future than the path I was currently on. At a young age I was a struggling student who didn’t excel very well academically and college wasn’t really in the cards for me, but I was always a disciplined worker. When I had put my mind to something, there was nothing that was going to stop me from reaching and exceeding my goals I had set for myself. So, as life had evolved, so did my desire for freedom. It was never much about the money for me, but it was about the success and the freedom that accompanied that success. Over a decade ago, I decided to specialize in just one sector of the market. I knew that I only needed to be proficient at just one area of the market to achieve the goal I had set forth. Trade passively while producing massively. Well, that’s exactly what I did. After several years of failed attempts, endless education, trial and error - I had finally yielded myself the success and freedom I was desiring. After making myself over $1,000,000.00 trading this very method, it was time to share my success with those who also desire the freedom I did. After a lot of work, time, effort and sacrifice - Big Energy Profits went from merely a concept into a very real reality.