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VasilyTrader
Apr 10, 2023 11:53 AM

DOLLAR INDEX (DXY) Potential Scenarios Explained 💵 Short

U.S. Dollar Currency IndexTVC

Description



Dollar Index is approaching a resistance line of a falling parallel channel on a daily.
Depending on the reaction of the price to that, I see 2 potential scenarios.

Bearish
Because the index is currently trading in a bearish trend,
probabilities will be higher that it will drop.
To confirm that, watch a horizontal range on 1H time frame.
If the price breaks and closes below its support, it will confirm the strength of bears.
A bearish continuation will be expected at least to 101.5 then.

Bullish
The market may break the resistance of the channel.
If a daily candle closes above that, it will confirm the violation.
A bullish movement will be expected to 103.0 level then.

Wait for a confirmation & then follow the market.

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Comments
VasilyTrader
What do you expect from Dollar Index?
UnitedSignals
Perfect view !
JoeChampion
I agree on USD weakness, thx!
ProSignalsFx
Cheers!
TopTradingSignals
Best of luck bro!
mghalayini2009
did it break and hiw far can it drops before going to 103
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