Simple technical bounce needed
DXY has suffered from continuous loss in the past few days and broken previous up trend channel which was formed not long ago and seems to heading back down again.
Currently it is on a level that's previously proven to be so so strong as support, including the sudden drop happened on 13th, Aug which got supported back up from current position, will history happen again?
I believe so, and if it happens, it can be considered as double bottom as shown in the chart. It is also supported by a mini falling wedge formed since last Friday's drop.
NOTE: I do not trade DXY but use it for other pairs. the trade panel is for demonstration only - although it may work. :)
RISK: If it breaks, there's a sink hole to be seen. weekly analysis can be found below.
The chart above is only for today analysis. Cheers
GL
Currently it is on a level that's previously proven to be so so strong as support, including the sudden drop happened on 13th, Aug which got supported back up from current position, will history happen again?
I believe so, and if it happens, it can be considered as double bottom as shown in the chart. It is also supported by a mini falling wedge formed since last Friday's drop.
NOTE: I do not trade DXY but use it for other pairs. the trade panel is for demonstration only - although it may work. :)
RISK: If it breaks, there's a sink hole to be seen. weekly analysis can be found below.
The chart above is only for today analysis. Cheers
GL
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