DXY forms Bearish Bat pattern, good to sell on rallies
Harmonic Pattern formed- Bearish Bat pattern
Potential Reversal Zone (PRZ) - 94.20
US dollar index jumped sharply after forming a temporary bottom at 92.50 level. The index jumped till 94.08 and shown a minor decline from that level. It is currently trading around 93.91.
Short term trend is slightly weak as long as resistance at 94.20 holds. Any break above 94.20 will take the DXY to next level till 95/95.15. Overall bearish invalidation only above 95.15.
On the lower side, near term support stands at 93.40 and any break below will drag the index till 93/92.50.Bearish continuation can be seen below 91 level.
It is good to sell on rallies around 93.90-95 with SL around 94.21 for the TP of 93/92.55.
Potential Reversal Zone (PRZ) - 94.20
US dollar index jumped sharply after forming a temporary bottom at 92.50 level. The index jumped till 94.08 and shown a minor decline from that level. It is currently trading around 93.91.
Short term trend is slightly weak as long as resistance at 94.20 holds. Any break above 94.20 will take the DXY to next level till 95/95.15. Overall bearish invalidation only above 95.15.
On the lower side, near term support stands at 93.40 and any break below will drag the index till 93/92.50.Bearish continuation can be seen below 91 level.
It is good to sell on rallies around 93.90-95 with SL around 94.21 for the TP of 93/92.55.