DXY: A Tearway Move - in Context DXY Dollar Index
The dollar has been been on a tearaway move ever since
breaking its longer term downtrend at the 90.42 level. By
'tearaway' in DXY terms that means 2%. Huge ! Over 11
calendar days or so. The same as Bitcoin moves in 45 minutes.
This is as exciting as DXY gets. And people seriously trade this
for a living. Some have to but in a world of choice you can do
the math - and choose. It takes all sorts to make a world !
Since breaking above and then retesting the top of the range
structure at 90.93 DXY has surged up the right side of the
chart as fast as fell down the same space on the left side of
the chart.
It's now testing the next line of resistance at the 91.92 level
after an intra-day high 3 points higher. It should consolidate a
little here before breaking higher still to test the 92.55-92.64
range.
Over the more medium term DXY should hit 94.03. Until it
does the dollar is likely to remain a buy dips market.
