DXY Short Idea
Overall we are still very bearish on dxy.
Recently we saw a significant break of a major zone around 95.00 and now price action is consolidating below it.
From the currently level we have two bearish scenarios to consider:
1.Price action pulls back to form structure at our 38.2% fib level & retests our broken zone. Look for a reversal and bearish transition to confirm a continuation to the downside. Target the -27% fib level
2. Bearish momentum continues without forming structure and pushes price action below the range. Look for lower highs and target toward the -27% fib level
For us to consider long opportunities we need to see a break of the 95.00 zone with confirmed higher lows.
Overall we are still very bearish on dxy.
Recently we saw a significant break of a major zone around 95.00 and now price action is consolidating below it.
From the currently level we have two bearish scenarios to consider:
1.Price action pulls back to form structure at our 38.2% fib level & retests our broken zone. Look for a reversal and bearish transition to confirm a continuation to the downside. Target the -27% fib level
2. Bearish momentum continues without forming structure and pushes price action below the range. Look for lower highs and target toward the -27% fib level
For us to consider long opportunities we need to see a break of the 95.00 zone with confirmed higher lows.