DXY - price re-entering zone below psychological level of 93.00
After a bullish start to the week the US Dollar Index has taken a bearish turn, with price now re-entering the region below the psychological level of 93.00. On the 4H chart we can see that although price broke and closed above the 50 EMA, it failed to do so on the 100 EMA.
It is now about to enter a zone of support where price has bounced from previously, however, as the overall trend is bearish, it may mean this support does not hold after already being tested 4 times.
We will be looking to see the reaction from this level before entering any USD positions. A close above 93.80 is still required before things start looking more bullish for USD.
It is now about to enter a zone of support where price has bounced from previously, however, as the overall trend is bearish, it may mean this support does not hold after already being tested 4 times.
We will be looking to see the reaction from this level before entering any USD positions. A close above 93.80 is still required before things start looking more bullish for USD.