DXY - MULTIPLE false breaks/rejection of 97 level, same again?
- On the Daily chart we can see that the 97.00 Psychological level has acted as extremely strong
resistance in the past
- As I have highlighted, we have seen a rejection + multiple false break/indecision candles at this level in the past
- We are currently sitting at 96.97, 3 pips away from this important level
- The question is will we see history repeated???....
**Due to the multiple false breaks/rejections of this level in the past I PERSONALLY would need to see at least 2-3 Daily candles
if not a weekly candle close above this level to confirm we have once and for all finally broken above
** Interesting that this level is coinciding very close to the long-term ascending trend-line support as well
** If we were to see rejection of the 97 level once more this could be the trigger that leads to a break of trend-line support
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
resistance in the past
- As I have highlighted, we have seen a rejection + multiple false break/indecision candles at this level in the past
- We are currently sitting at 96.97, 3 pips away from this important level
- The question is will we see history repeated???....
**Due to the multiple false breaks/rejections of this level in the past I PERSONALLY would need to see at least 2-3 Daily candles
if not a weekly candle close above this level to confirm we have once and for all finally broken above
** Interesting that this level is coinciding very close to the long-term ascending trend-line support as well
** If we were to see rejection of the 97 level once more this could be the trigger that leads to a break of trend-line support
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- May also be forming a H + S Bearish reversal pattern on the 4H chart too
- Will update tonight to show this