As you see in the 1H chart, we have a downtrend and price is in the descending parallel channel.
There is a resistance level around 90.25 - 90.3 which has been tested by price for several times.
MACD positive bars are getting smaller and weaker which means there would be more downside pressure.
Currently, price is at the upper band of the channel and is bouncing on the dynamic support level (the red line).
IF the dynamic level broken out to the downside, we can expect a fall in price to the support levels around 89.8
Otherwise, we should be aware of the upside breakout on the channel’s upper band. If price breaks the resistance level at 90.25 and closes candle above, we can expect a rise to 90.6
If it can close out the week above 90 then I think it will be bullish..triple doji bottom and bullish RSI might mean a short squeeze on the dollar.
Mahtab_Tradia
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@happyCloud1537 Very possible! thanks for sharing your valubale information with us🙏🏻
Vixtine
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@Mahtab_Tradia, Well DXY closed the week with a huge bullish candle followed by a double doji at what could be a temporary bottom. A short squeeze on the dollar might just happen if it can break though some strong upcoming resistance. The end of this month will be telling...it's really the only thing outside of another black swan event that I think could move the market as a whole so everyone should be closely watching it.