Good evening traders,
Quick look at DXY , the Dolar Index that represent the USD strenght against another currencies.
As we can see the index is on an uptrend since last year, confirmed by 4 touches on our uptrend and now we have 3 touches on our resistance level , confirming that we have an ascending triangle .
On the last 2 weeks the index is moving sideways inside a small channel which is reasonable since the US said they have no intention to raise interest rates so far (which would be bullish for USD)
Overall what to expect?
So far looks like dxy is going to re-test the bottom of the channel near 96.80 level, should this support zone fail then we aim for 96.40/uptrend levels.
The macro vision is still bullish , however the 97.50 and 97.70 levels are a strong wall so far, if the index break them i believe 99.00 will be the first stop.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Quick look at DXY , the Dolar Index that represent the USD strenght against another currencies.
As we can see the index is on an uptrend since last year, confirmed by 4 touches on our uptrend and now we have 3 touches on our resistance level , confirming that we have an ascending triangle .
On the last 2 weeks the index is moving sideways inside a small channel which is reasonable since the US said they have no intention to raise interest rates so far (which would be bullish for USD)
Overall what to expect?
So far looks like dxy is going to re-test the bottom of the channel near 96.80 level, should this support zone fail then we aim for 96.40/uptrend levels.
The macro vision is still bullish , however the 97.50 and 97.70 levels are a strong wall so far, if the index break them i believe 99.00 will be the first stop.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Comment:
Resistance is now broken and now i expect a 99.0 test.
USD is behaving strong these days based on fundamentals.
USD is behaving strong these days based on fundamentals.
If DXY break this resistance level 99 is the next stop.