US Dollar Basket

[Caseynotes]

DXY arrives at important multiyear resistance level. Williams Percentage Range overbought since April and doesn't look like dropping out anytime soon.

Weekly chart;

 

 

[Caseynotes]

NFP day sees DXY still trapped between 9384 and 9522. Currently sitting on the bottom of this range while EURUSD is still trying to push up off the June low.

Daily eurusd and dxy charts.

[HappilyNorth]

*Noob Alert*

Erm, what's the difference between DXY on TradingView and the Dollar Basket on IG? Apart from the price that is.

I can't find DXY or USDX on IG, so what do I use to check the $ price instead of going over to TradingView each time?

Thanks. 

[Caseynotes]

1 hour ago, HappilyNorth said:

*Noob Alert*

Erm, what's the difference between DXY on TradingView and the Dollar Basket on IG? Apart from the price that is.

I can't find DXY or USDX on IG, so what do I use to check the $ price instead of going over to TradingView each time?

Thanks. 

The price is not exactly the same because Tradingview use the broker Oanda's prices for their currency charts while IG use their own, the charts are not exactly the same because Oanda use the 5 day week while IG opens on Sunday so have 6 day candles per week. But both Oanda and IG's prices are both based on the underlying market so should be very similar.

 

[HappilyNorth]

ahhhhhhhhh ok. Thanks, Casey.

Well seeing how important USD is and even though the price action is very similar... Which do you think its the better option for accuracy?

Or, if one trades solely in IG using the dollar basket would be the sensible option? 

[Caseynotes]

9 minutes ago, HappilyNorth said:

ahhhhhhhhh ok. Thanks, Casey.

Well seeing how important USD is and even though the price action is very similar... Which do you think its the better option for accuracy?

Or, if one trades solely in IG using the dollar basket would be the sensible option? 

accuracy to the underlying isn't the whole story, all brokers are trying to offer the best prices from the liquidity providers, you can only trade this through a broker, but which broker gives better security, lower spreads, better prices etc, IG are a heavy weight in the industry, you seem to have already chose them (so have I).