Dollar Index DXY: Pull back due but long term bull trend intact
DXY has been trading inside a very strong 1D uptrend (RSI = 71.713, MACD = 0.440, ADX = 48.457, Highs/Lows = 0.4165) since the December 2019 bottom, almost turning overbought. The dominant trend on the long term (1W, 1M chart) is still bullish as the Dollar Index has been within a Channel Up since May 2018.
However the price is now close to a symmetrical Higher High and Resistance zone which in July maxed at +3.20%. If the same patterns is repeated then expect a short/ medium term pull back towards the 1D MA200/50. Our Target Zone is 98.20 - 97.70.
Previous successful trade on DXY:
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However the price is now close to a symmetrical Higher High and Resistance zone which in July maxed at +3.20%. If the same patterns is repeated then expect a short/ medium term pull back towards the 1D MA200/50. Our Target Zone is 98.20 - 97.70.
Previous successful trade on DXY:
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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