DXY Ready to Test Yearly Resistance
Updated
We are through the point when The Federal Reserve was giving it a break to the strengthening USD, lower support remained intact at 104.6. As told by Powell, they are going to hike rates on public debt one last time during the September FOMC for the year 2022. Well, the market is responding to the very hint of it. Retailers have switched to long shots on DXY and shorts on commodities. Chances are, we might see DXY testing yearly high again.
Trading Suggestions:
1- We might see DXY between 108.7 and 109.10
2- Breaking higher than 109.10 we can expect higher levels continuing to aid the strengthening USD
3- For now, let us not trading anywhere against USD
4- Precious metals are heading lower, we might see 1680-1720 on Gold, and lesser than 18.50 on silver again but there are a few levels both of them must cross to see it happening
5- Should DXY make a double tops here at 108.7 level, we are heading lower on USD and higher on other derivatives against USD
Note: Ensure proper risk management, Happy trading and happier profits :)
Trading Suggestions:
1- We might see DXY between 108.7 and 109.10
2- Breaking higher than 109.10 we can expect higher levels continuing to aid the strengthening USD
3- For now, let us not trading anywhere against USD
4- Precious metals are heading lower, we might see 1680-1720 on Gold, and lesser than 18.50 on silver again but there are a few levels both of them must cross to see it happening
5- Should DXY make a double tops here at 108.7 level, we are heading lower on USD and higher on other derivatives against USD
Note: Ensure proper risk management, Happy trading and happier profits :)
Trade closed: target reached
Now we wait for it to either break higher to 111 or produce a double tops pattern to bounce back
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