Lingrid

DOLLAR GROWTH after false breakdown of SUPPORT

Long
TVC:DXY   U.S. Dollar Currency Index
At the beginning of the year, the price bounced off the support level of 89.19 and began to grow, forming an upward channel. During the growth in this channel, the price came to a strong resistance zone at the intersection of the channel line and the strong resistance line formed in 2016. From this point - 93.45 - the price bounced off and fell.

Due to the strength of the resistance, the price was able to break the lower trend line - the support line at 92.27, but the breakout turned out to be false. Now I expect the price to return to the Y-line and continue to rise towards the resistance line. Thus, my final target is the resistance line at 93.30.

Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad 👩‍💻

Comments

nice analysis
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But you just called for the DXY to go to 89 in a recent post!!! What changed? Which structure invalidated???
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thanks for sharing
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Lingrid Karzon
@Karzon, you`re welcome)
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great work
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Lingrid roseolivia09
@roseolivia09, thank you)
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Nice idea!
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Lingrid Rawkoala
@Rawkoala, thanks so much)
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