Is the Dollar finally collapsing? (11th/11/2024)

Last week we had the US elections and the general expectation was for the dollar to lose the upward momentum and start delivering lower, which of course did not happen. The dollar pulled slightly back before continuing on the rally upwards. This week we are thus still bullish on the dollar because of last week’s strong rally upwards. We might see the price slightly pull back to level 104.829 on the dollar index (DXY) before continuing on the rally upwards. If it pulls back lower than that level, then we will be looking at the 104.667 level as shown in the image. This being a bullish week, we will be mostly looking for buy setups compared to sell setups. The first level that we will be looking to take our profits if the price continues delivering higher is 105.440 level. The next take profit level that we will be looking at is the 106.126 level. It might still be a volatile week due to last week’s elections and the CPI news this Wednesday so we advice that you only enter the most visible and straightforward trade setups this week, which are market liquidity and market structure shift setups outlined in this two best selling books, "Elites Trading Bible" and “Elites Trading Bible 2”. Wishing you a profitable week.

Forex is not about predicting the future; it's about responding to the present.