The DXY Should Have A Strong Opening Week From These Levels
Nearing the PCZ of a second Bullish Cypher on the Daily at Monthly Support/Resistance while showing MACD Hidden Bullish Divergence on the Daily, a slightly Oversold RSI, and a Stoch RSI the looks like it will have no choice but to cross upwards very soon.
I think so long as we manage to stay above the 0.886 Fibonacci Retrace, the trend should stay intact but if we break through this Danger level then things could get really bad for the DXY.
We will likely test these zones immediately upon the open of the DXY today. Ideally we will respond positively to these levels throughout the current night and tomorrow morning and the momentum we get will continue on into the coming weeks.
As for Bullish Targets i think it will hit the resistance zone of 94-94.50 from here and if we're lucky it will break that level and go even higher
I think so long as we manage to stay above the 0.886 Fibonacci Retrace, the trend should stay intact but if we break through this Danger level then things could get really bad for the DXY.
We will likely test these zones immediately upon the open of the DXY today. Ideally we will respond positively to these levels throughout the current night and tomorrow morning and the momentum we get will continue on into the coming weeks.
As for Bullish Targets i think it will hit the resistance zone of 94-94.50 from here and if we're lucky it will break that level and go even higher
Comment:
We have crashed through the danger zone i outlined but i'm not yet convinced it's over. We should continue to stay vigilant on the view that the DXY is due for a bullish reversal unless it breaks through 89.69 as that will be setting a clear lower low and will be below the 0.886
