The pair finally broke the narrow range of 81.55-82.92 during last week. As expected possibilities of decent supply or lack of aggressive buying has resulted in the prices easing toward 82.30 which is another crucial level being the trend line support. Only a daily close below 82.30 would suggest further correction towards 81.90. Deeper corrections cannot be expected till we see a close below 82.10. Most likely scenario would be a consolidation between 81.90 and 83.70. A close outside this range requires re-assessment of risk/direction and target.
A few more observations:
A few more observations:
- narrow range broken
We may not see a runaway in DXY. There can be relief rallies.
Though the DXY attempted cross over of 105+, it got hammered
Any spike in DXY need not necessarily impact this pair
The raising upward channel indicate the broader range of 80.10-83.10
The increased volatility and wild swings likely to continue