DXY was trending in Downside From last couple of month . now at current level , it is trading at various support level with formation of Doji Candle at bottom. According to chart pattern analysis, we might see upside in DXY from current level.
With the beginning of the new week, DXY shows some reversal signs. For the past 2 weeks, this index has found solid support above 93.
On a local 4H Timeframe Support and Resistance zones are created, so we need to pay close attention when index is near those levels.
currently, price bounces off from daily demand zone and formed double bottom formation, please take a note that the price must be confirmed to breakout the resistance level 1 for the secondary trend to be complete.
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DXY has been in free fall last month, however fall might be over as price is closing in on monthly support line of ascending channel that started back in 2011.
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Hello Sophisticated Trader,
Our last analysis was 300+ in gains, now the DXY has found some support and is due for a bounce. Currently, a close back above 93.00 suggests a test of 94.00, oversold conditions also support this and only a close below 92.50 would negate this bounce.
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