While the Dollar is currently exhibiting weakness and is in a downtrend, it is currently undergoing a pullback at a significant support level of 100.857, which has proven to be resilient in the past. My expectation is for the price to undergo a minor correction before potentially continuing the bearish trend, contingent upon a break of the major support level.
On the flip side, if the price surpasses the trendline and a market structure break occurs, there could be indications of a trend reversal towards the upside.
The primary driving force for the price movement of the Dollar Index (DXY) is likely to be economic data from the United States. Monitoring key economic indicators and events will be crucial in understanding and predicting potential shifts in the DXY.
I invite you to share your insights and thoughts on the current state of the DXY. Please feel free to comment below and contribute to the discussion.
On the flip side, if the price surpasses the trendline and a market structure break occurs, there could be indications of a trend reversal towards the upside.
The primary driving force for the price movement of the Dollar Index (DXY) is likely to be economic data from the United States. Monitoring key economic indicators and events will be crucial in understanding and predicting potential shifts in the DXY.
I invite you to share your insights and thoughts on the current state of the DXY. Please feel free to comment below and contribute to the discussion.
