DXY forms Bearish Butterfly pattern,good to sell on ralllies
Long term harmonic Pattern: Bearish Butterfly Pattern
Short term Harmonic Pattern- Bullish Cypher pattern
Long term Potential Reversal Zone -101.52 (161.8% retracement of 98.33 and 93.16)
Short term Potential Reversal Zone – 100.55 (161.8% retracement of 99.85 and 98.73)
DXY has made a high of 100 and slightly retreated from that level. Short term trend is bearish as long as resistance 100.60 holds.
Any break above 100.60 will take the pair to new level 101.55.
The Dollar index minor support is around 99.50 and break below targets 99.20/98.70/98.35/97.40
It is good to sell on rallies around 99.95-100 with SL around 101.50 for the TP of 98.70/97.40
Short term Harmonic Pattern- Bullish Cypher pattern
Long term Potential Reversal Zone -101.52 (161.8% retracement of 98.33 and 93.16)
Short term Potential Reversal Zone – 100.55 (161.8% retracement of 99.85 and 98.73)
DXY has made a high of 100 and slightly retreated from that level. Short term trend is bearish as long as resistance 100.60 holds.
Any break above 100.60 will take the pair to new level 101.55.
The Dollar index minor support is around 99.50 and break below targets 99.20/98.70/98.35/97.40
It is good to sell on rallies around 99.95-100 with SL around 101.50 for the TP of 98.70/97.40