DXY approaching support, potential for a bounce!
DXY is expected to drop to 1st support at 97.63 where it could potentially react off and up to 1st resistance at 98.40.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
Dxytradingsetup
DXY Long Trade Idea (5/7/19) 4HR Chart DXY Long Idea (5/7/19) 4HR Chart
- Price currently broke the trend line that I have placed on the 4HR, and had a retest of that trend line .
- I am looking for the lower high to be formed on the overall bullish trend line , so once price reaches the 61.8% fib level and the 4hr disturbance
zone (orange).
- Once the reversal occurs, price will then reach at least our first fib target at 99.00
DXY Long Trade Idea (5/7/19) Daily Chart DXY Long Idea (5/7/19) Daily Chart
- Price currently broke the trend line that I have placed on the 4HR, and had a retest of that trend line.
- I am looking for the lower high to be formed on the overall bullish trend line, so once price reaches the 61.8% fib level and the 4hr disturbance
zone (orange).
- Once the reversal occurs, price will then reach at least our first fib target at 99.00
(4HR Markup Linked Below)
DXY - 500 Pips Short OpportunityDXY has been in a consolidation area sine the end of January and hasn't been able to go any higher. We could expect it to break it's current support to continue the bearish trend it's in and fall even further down as there is yet no signs of strength.
Wish you all the best :)
Happy trading!