DXY (USD Index) Daily Analysis May 1st, 2022
DXY Bullish Idea
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: DXY is still looking very bullish but current price action is resting at 103.000 resistance.
This is the make or break zone! If we break above 103.000, which this recent rally is strongly suggesting, we are looking at more upside potential.
Keep in mind we are in overvalued territory and this rapid increase in price action is not sustainable.
Trade scenario 2: Ideally, price action finds strong resistance at 103.000 and reverses. We want to see price action pullback to more stable levels and resume normal market structure again.
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: DXY is still looking very bullish but current price action is resting at 103.000 resistance.
This is the make or break zone! If we break above 103.000, which this recent rally is strongly suggesting, we are looking at more upside potential.
Keep in mind we are in overvalued territory and this rapid increase in price action is not sustainable.
Trade scenario 2: Ideally, price action finds strong resistance at 103.000 and reverses. We want to see price action pullback to more stable levels and resume normal market structure again.
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