BluetonaFX - DXY Potential Double Top Opportunity
Hi Traders!
There is a potential double top forming on the DXY 1D chart and the bullish momentum we have had on the US dollar index may be coming to a close.
The important level here is 104.2399. This is a strong resistance level, as the market rejected this level the first time it reached it, which we have highlighted on the chart.
As the market is nearing the 104.2399 level again, it looks to have run out of steam after trying to break, so there is an opportunity here to short. If this level holds, the first target is at 102.7500, and the second target is at 102.2500.
We would love to hear your thoughts on this in the comments section. Please also do not forget to press the like button and follow for more updates.
Thank you for your support.
BluetonaFX
There is a potential double top forming on the DXY 1D chart and the bullish momentum we have had on the US dollar index may be coming to a close.
The important level here is 104.2399. This is a strong resistance level, as the market rejected this level the first time it reached it, which we have highlighted on the chart.
As the market is nearing the 104.2399 level again, it looks to have run out of steam after trying to break, so there is an opportunity here to short. If this level holds, the first target is at 102.7500, and the second target is at 102.2500.
We would love to hear your thoughts on this in the comments section. Please also do not forget to press the like button and follow for more updates.
Thank you for your support.
BluetonaFX
Comment:
First target 102.7500 reached.