$DXY MAY CONTINUE FALLING
The US Dollar Index (DXY) has broken the support level of 101 with a lot of strength. In classical charting, previous supports become new resistances. This means that the DXY is likely to continue to rise and test the previous resistance level of 101.
A good trading opportunity would be to sell the DXY at 101 and target the range of 98. This would give a risk-to-reward ratio of 1:4, meaning that for every dollar you risk, you could potentially make four dollars.
The stop loss should be placed at 102, which is the previous resistance level. This will protect your profits if the DXY does not break through the resistance level.
Here are some additional thoughts on this trade:
The DXY is currently in a downtrend, so it is likely that the selling pressure will continue.
The MACD indicator is also bearish, which supports the view that the DXY is likely to continue to fall.
Overall, this trade has a high probability of success. However, it is important to remember that there is always risk involved in trading. You should only trade with money that you can afford to lose
A good trading opportunity would be to sell the DXY at 101 and target the range of 98. This would give a risk-to-reward ratio of 1:4, meaning that for every dollar you risk, you could potentially make four dollars.
The stop loss should be placed at 102, which is the previous resistance level. This will protect your profits if the DXY does not break through the resistance level.
Here are some additional thoughts on this trade:
The DXY is currently in a downtrend, so it is likely that the selling pressure will continue.
The MACD indicator is also bearish, which supports the view that the DXY is likely to continue to fall.
Overall, this trade has a high probability of success. However, it is important to remember that there is always risk involved in trading. You should only trade with money that you can afford to lose
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