ThinkingAntsOk

What about the DXY? Potential Retracement + Impulse

Short
TVC:DXY   U.S. Dollar Currency Index
Good morning traders, today we bring you our analysis on the DXY index, along with an analysis of the potential behavior based on the short and long term zones.

🔸For most of 2020, the price was in a downtrend after bouncing off the Resistance Zone .

🔸The movement was so strong that it managed to penetrate the Bullish Channel that had been active for almost 10 years to the downside.

🔸At this time, the price is approaching the Support Zone , where we will most likely see a reaction/consolidation for a few days/weeks.

🔸If the price does not make a strong reversal, we may see a breakout to the downside of this correction.

🔸In case this happens, the next support area is around $80, which would imply an interesting price drop.
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Excellent point
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