US Dollar Index ( DXY ): Technical Analysis shows more downside
DXY is rolling downward for the last couple of months.
The technical analysis hints for more weakness and bearish target 94.65
1. The price is moving in a descending channel
2. Currently, it's trading below the key resistance of 97.20
3. It may bounce upward for a short term from the Fibo Extn.100% at 95.80 due to oversold condition + bullish divergence coming in play on MACD
4. 94.70 is the target insight with the higher TF's still remaining bearish along with the confluence of horizontal support/swing low/channel bottom and Fibo Extn.
Therefore, I suggest selling it on a rise for the given target.
GOOD LUCK FOR YOUR TRADES !!! PLEASE SHOW YOUR SUPPORT IF YOU LIKED THE IDEA
The technical analysis hints for more weakness and bearish target 94.65
1. The price is moving in a descending channel
2. Currently, it's trading below the key resistance of 97.20
3. It may bounce upward for a short term from the Fibo Extn.100% at 95.80 due to oversold condition + bullish divergence coming in play on MACD
4. 94.70 is the target insight with the higher TF's still remaining bearish along with the confluence of horizontal support/swing low/channel bottom and Fibo Extn.
Therefore, I suggest selling it on a rise for the given target.
GOOD LUCK FOR YOUR TRADES !!! PLEASE SHOW YOUR SUPPORT IF YOU LIKED THE IDEA