DXY has been on a bull run since early this year, lowest at 89.20 to the peak at 104.
What's really interesting recently was the recent break above 103, which was respectively the highs since 2016, then price again re-visited 103 in 2020 March.
Are we looking at some longer-term Dollar strength, or was it a false break at 103?
On the 4h chart we got the EMAs cross (18ema & 50ema), and is currently forming lower highs & lows structure. Looking at the bigger picture, there are two levels which I'm watching very closely
1. 103.20 (high of 2016 & 2020)
2. 102.50
If at any point price finds strength attempting to break above these 2 levels, it will signal a longer term bull run on DXY, but if price can't even make it back to these two levels, then potentially the recent break above 103 was again another Probe which might lead to a mid to long-term Bearish reversal.
Always perform your own analysis and only use this as an educational material. Trade safe and take care.
Do not forget to like if you enjoy the content, and share with someone who'd enjoy reading this.
What's really interesting recently was the recent break above 103, which was respectively the highs since 2016, then price again re-visited 103 in 2020 March.
Are we looking at some longer-term Dollar strength, or was it a false break at 103?
On the 4h chart we got the EMAs cross (18ema & 50ema), and is currently forming lower highs & lows structure. Looking at the bigger picture, there are two levels which I'm watching very closely
1. 103.20 (high of 2016 & 2020)
2. 102.50
If at any point price finds strength attempting to break above these 2 levels, it will signal a longer term bull run on DXY, but if price can't even make it back to these two levels, then potentially the recent break above 103 was again another Probe which might lead to a mid to long-term Bearish reversal.
Always perform your own analysis and only use this as an educational material. Trade safe and take care.
Do not forget to like if you enjoy the content, and share with someone who'd enjoy reading this.