Stop Loss @ 98.00
Take Profit at @ 93.00, 92.00
DXY failing to make any new highs Weakness has been sighted along with some fundamentally bad news. Long term I think it is highly possible that it could go as far as 88.00 but why not reap the rewards on the way. Posting Lower highs, AB was a nice downwards leg and CD is a clone of AB, Structure can be found at the 50% level of the downwards channel but will only be temporary. Good opportunity for pairs aswell.
Broken 20 which was holding the DXY during its triumph to the top denied at 100 and sailed downwards ever since. Many Technical indicators on a Weekly scale tell us that it is oversold as can be seen with the Monthly candles were actually outside the band adding to downwards pressure
Reason for choice to go short at these levels, is previous structure 96.00 being a previous major low and support turning into resistance now and 95.50 being a high right in at January the 23rd
If entering late or miss this trade wait for a retrace as it cannot just head straight for the target. Goodluck :)
Thanks - Feed back appreciated - Rennie Lucas