DXY - Meeting descending resistance line, will we break or hold?
- DXY bounced off its medium term bullish channel support line yesterday and managed to sustain a move up
- It has now come into contention with its short term descending trend-line resistance within the channel
- This point corresponds with previous resistance level/s that may now be acting as resistance
TWO SCENARIOS:
1. We break this trend-line to the upside, meaning we may retest the top of the channel again, unless we run into any significant resistance before then
2. We find rejection off this point and retreat back down to the bullish channel support where we may once again see a bounce,
but equally may see a break
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- It has now come into contention with its short term descending trend-line resistance within the channel
- This point corresponds with previous resistance level/s that may now be acting as resistance
TWO SCENARIOS:
1. We break this trend-line to the upside, meaning we may retest the top of the channel again, unless we run into any significant resistance before then
2. We find rejection off this point and retreat back down to the bullish channel support where we may once again see a bounce,
but equally may see a break
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- May be heading back down to channel support