✍️ Further analysis on the DXY index on May 7, 2021 (measuring USD strength):
- Looking at the weekly chart of USD, we can see that the index is moving to the strong support zone on the weekly chart time frame around 90.6 points, the index is equal to the opening price of 2. next week. In addition, on the daily chart timeframe, we can clearly see this support zone in more detail when it is supported by the increasing trendline channel from January 6, 2021 (as shown).
- Although we do not know how the nonfram results will happen tonight, in my technical opinion, when the USD is likely to fluctuate around 90.5-90.6 points, this index will go up and down around here to bottom and go. up to recover after yesterday fell sharply.
- My personal opinion on the long term on the USD, the possibility in the coming time will continue to be the recovery months of the USD after nearly 1 year of continuous and strong decline. In order for the USD to go up sustainably, there must also be corrective declines, especially last week's candle is still supporting the uptrend and is in the strong support zone as analyzed above, so my view will be. No longer selling to USD in this weekend session but only buying options will be studied. Tonight is the weekend night, it is likely that investors will take profit.
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