DXY Short Idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: DXY is still very bearish and has established a strong bearish channel on this 4hour timeframe. From here we’re waiting for rejection of our 61.8% fib level with a moving average cross. Look for price action to fall toward 89.000.
Trade scenario 2: If we are to consider price action bullish we need to see a transition occur above 90.200. If this happens look for a breakout toward 90.800 as the next major resistance.
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: DXY is still very bearish and has established a strong bearish channel on this 4hour timeframe. From here we’re waiting for rejection of our 61.8% fib level with a moving average cross. Look for price action to fall toward 89.000.
Trade scenario 2: If we are to consider price action bullish we need to see a transition occur above 90.200. If this happens look for a breakout toward 90.800 as the next major resistance.