danresdidualfx

Weekly market-breakdown: DXY analysis

TVC:DXY   U.S. Dollar Index
So, as expected we have broken that key trendline with huge selling pressure to the downside, as a result, this weekly candle is likely to close as a significant bearish candle around the 96.00 key area of support, which price previously respected around this region. The catalyst was definitely the dovish remarks from Fed chair Powell, as he quoted that rates are likely to be cut next month, what I can expect this week is for the price to form a new lower high, as a break and retest before we can anticipate more heavy selling pressure towards the downside in the next few weeks/months.

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