We are seeing a mid-probability bearish scenario as the price is going to retest 1st resistance at 94.15. Price could retest and reverse from there and could drop towards support at 93.81 and 93.50 where the horizontal overlap support is . EMA still indicates bearishness for price.
As long as the trade in oil does not pick up or if the price wont rise strong, the petrodollar is set to collapse.
The rsi is not oversold yet, It seems that the dxy will retest the 91 level soon.
The dollar heavily relies on the oil trade, as soon as this trade slows down a lot of dollar will come into the circulation and will cause the dxy to freefall.
#DXY #USDindex (Update)
Still Moving Below the Downtrend Trendline But Sitting on Support..!!
I'm Bullish on #USD & Expecting Trendline Upside Breakout In Coming Days (Maybe this Week)
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Now today we are Going to Discuss about DXY.
DXY is at Strong Support level Now This Time. And Now we are just waiting for this Breakout than it will target Price level 96 or 96.
Hope you all can UnderStand where Price can...
Since the current week is the week of the US labor market data, let's talk about what is worth and what not to expect from Friday's statistics. Formally, yesterday's data from ADP tunes in a positive mood (+ 749K against the forecast of + 650K), but the real picture is somewhat different.
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#banknifty OI up by +0.19% and price up by 16.77 %, which indicates short positions were added today.
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Again last 1 hour data is weak, only short covering and long...