Evening Traders,
Today’s analysis – DXY- testing key weekly support where a bounce is probable,
Points to consider,
- Strong bullish divergence (daily timeframe)
- Oscillators overextended
- Impulse sell into macro support
- Local S/R target
On the weekly timeframe the DXY is resting on major support, price action has a probability of bouncing here.
The oscillators are approaching overextended levels, technically leads to a relief rally; there is a strong bullish divergence on the daily which indicated this.
Impulse sells into macro support levels tend to be respected, DXY breaking this level will be extremely bearish.
The local S/R is the current target; this area is of confluence with technical resistance, 200WMA. Price breaking above this level will make swing high target.
Overall, in my opinion, if the DXY get its bounce going, metals and BTC will have a retrace across the board; this also includes the stock market. This chart is important to keep an eye on for us day traders.
Hope this helps!
Thank you for following my work!
And remember,
“Fear, inherently, is not meant to limit you. Fear is the brain’s way of saying that there is something important for you to overcome.” ― Yvan Byeajee
Today’s analysis – DXY- testing key weekly support where a bounce is probable,
Points to consider,
- Strong bullish divergence (daily timeframe)
- Oscillators overextended
- Impulse sell into macro support
- Local S/R target
On the weekly timeframe the DXY is resting on major support, price action has a probability of bouncing here.
The oscillators are approaching overextended levels, technically leads to a relief rally; there is a strong bullish divergence on the daily which indicated this.
Impulse sells into macro support levels tend to be respected, DXY breaking this level will be extremely bearish.
The local S/R is the current target; this area is of confluence with technical resistance, 200WMA. Price breaking above this level will make swing high target.
Overall, in my opinion, if the DXY get its bounce going, metals and BTC will have a retrace across the board; this also includes the stock market. This chart is important to keep an eye on for us day traders.
Hope this helps!
Thank you for following my work!
And remember,
“Fear, inherently, is not meant to limit you. Fear is the brain’s way of saying that there is something important for you to overcome.” ― Yvan Byeajee