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DXY (USD Index) 4Hour Analysis May 9th, 2021

Short
TVC:DXY   U.S. Dollar Index
DXY Bearish Idea

Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish

Trade scenario 1: Overall we are very bearish on DXY and are looking to continue with that sentiment. We can clearly see an expanding pattern where volume is increasing but it has yet to break out of the pattern completely. Ideally we want to wait for price action to pullback and form structure. Look for a confirmed lower high below 90.750 to continue with the bearish trend.

Trade scenario 2: For us to consider DXY bullish we first need to see a break of resistance at 91.500. Look for a confirmed higher low above 91.500 then we can comfortably change our sentiment to bullish.

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