Good Afternoon Traders, ForexFargo checking back in!
Today our analysis is on the DXY index.
The overall trend for this pair is seems to be Bullish, however with that being said, seems that the Dollar could run into some exhaustion this upcoming week.
Right now, we can see price playing ping-pong between Monthly & Weekly- Support & Resistance Levels.
Price is currently in Bullish Momentum approaching on Weekly Resistance Level of 96.700.
If Weekly Resistance is broken, we could see a potential push toward our Monthly Resistance Level of 96.930.
If price holds at our Weekly Resistance Level, then we can potentially expect price to decline throughout the week.
Price would potentially decline toward our previous Weekly Support Level of 95.600.
If Weekly Support is broken, we could see a potential push toward our Monthly Support Level of 95.050.
Either way, I am waiting for the next 2 daily candles to form in order to get a good sense of where the market could potentially go.
If price gives strong confirmation, then I will look to enter the trade as follows:
Entry @ 96.600
Stop Loss @ 96.750
Take Profit @ 96.050
GOOD TRADING!
If this price in DXY declines, expect a rise in Gold (XAUUSD).
Today our analysis is on the DXY index.
The overall trend for this pair is seems to be Bullish, however with that being said, seems that the Dollar could run into some exhaustion this upcoming week.
Right now, we can see price playing ping-pong between Monthly & Weekly- Support & Resistance Levels.
Price is currently in Bullish Momentum approaching on Weekly Resistance Level of 96.700.
If Weekly Resistance is broken, we could see a potential push toward our Monthly Resistance Level of 96.930.
If price holds at our Weekly Resistance Level, then we can potentially expect price to decline throughout the week.
Price would potentially decline toward our previous Weekly Support Level of 95.600.
If Weekly Support is broken, we could see a potential push toward our Monthly Support Level of 95.050.
Either way, I am waiting for the next 2 daily candles to form in order to get a good sense of where the market could potentially go.
If price gives strong confirmation, then I will look to enter the trade as follows:
Entry @ 96.600
Stop Loss @ 96.750
Take Profit @ 96.050
GOOD TRADING!
If this price in DXY declines, expect a rise in Gold (XAUUSD).
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