NoCeilingsTrading

DXY Analysis Overall Bullish, but here is a short opportunity

Short
TVC:DXY   U.S. Dollar Currency Index
My long term bias for the DXY is bullish . But a decent short opportunity is present.

First price created made a move to the downside into my demand zone and found support, ultimately creating a double bottom .

Price then made a bullish impulse to complete the double bottom , and now it appears that it may be overextended. When price create a double bottom , normally a retracement/test of the neckline is expected to occur.

The previous daily candle is showing indecision, showing bullish exhaustion/resistance and maybe price is ready to make a push to the downside and test the neckline or at least retrace to the 50.0 fib level.

On the 4h time-frame there is large a bearish engulfing candle, displaying heavy bearish pressure.

On the 2h time-frame, a double top has formed which is a bearish candlestick pattern.

If you agree, feel free to LIKE. If you see something else feel free to share your analysis, all ideas are welcome!

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