DXY is extending weakness. down 0.14% on the day, scope for further weakness.
We see 'Double Top' formation (95.53) and 'Bearish Divergence' on RSI and Stochs on daily charts which raises scope for further weakness.
The index has broken below 50-DMA at 93.90 and is currently hovering around 23.6% Fib at 83.81.
Next major support lies at 55-EMA at 93.56 ahead of 38.2% Fib at 92.75 and 200-DMA at 92.23.
On the flipside, 21-EMA at 94.37 is major resistance. Retrace above could negate bearish bias.
Support levels - 93.56 (55-EMA), 93, 92.80 (110-EMA)
Resistance levels - 94, 94.26 (5-DMA), 94.37 (21-EMA)
Good to go short on upticks around 93.90/ 94, SL: 94.40, TP: 93.55/ 93/ 92.80
We see 'Double Top' formation (95.53) and 'Bearish Divergence' on RSI and Stochs on daily charts which raises scope for further weakness.
The index has broken below 50-DMA at 93.90 and is currently hovering around 23.6% Fib at 83.81.
Next major support lies at 55-EMA at 93.56 ahead of 38.2% Fib at 92.75 and 200-DMA at 92.23.
On the flipside, 21-EMA at 94.37 is major resistance. Retrace above could negate bearish bias.
Support levels - 93.56 (55-EMA), 93, 92.80 (110-EMA)
Resistance levels - 94, 94.26 (5-DMA), 94.37 (21-EMA)
Good to go short on upticks around 93.90/ 94, SL: 94.40, TP: 93.55/ 93/ 92.80