Hoag
Long

DXY Technical Analysis: Can Bermuda Triangle hold for next week?

INDEX:DXY   U.S. Dollar Index


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Talking Points:

  • DXY Technical Strategy: Neutral
  • Support: 94.80, 93.15, 93.90
  • Resistance: 96.40, 97.60, 98.32

DXY             can continue trading in consolidation. We believe it will be in triangle formation. Break above 98.10 will find resistance on weekly bearish trend line at 98.75, while closing below 94.00 will find support near 93.10 areas.

On Elliottwave, we are holding triangle formation for wave 4. Once we complete triangle formation, we can see new uptrend for wave 5. Break below 93.00 will invalidate idea and need to recalculate labels.

To be conclude, we are bullish for dollar and believe it will be continue for near future. To receive instance trade update and analysis, please subscribe us for free risk free 15 days trial by clicking here.
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