DXY to continue bullish
Analysis
DXY has been in correction since 15, Jun when another higher high was created on daily. It remains highly bullish on weekly being overbought, and with RSI above 51 on daily chart. However it showed some selling pressures on lower time frames in the past few days, with price currently just floating slightly above 104.073.
From technical perspective, the 4H chart looks like a handle of a bullish cup is forming. 0.5 fib retracement was completed on 16th, June so I expect the price to continue bullish in the coming days.
Intraday News
There’s no red folder news for Monday, however being busy for the rest of the week. Expecting a continued. Expecting a continued correction on Monday.
Liquidation
Price may drop further to the previous fib 0.5 area around 103.546 before continue its bullish move. It's month end in the beginning of the week, so if buyers taking profit, price can drop fairly quickly.
Support Consideration
immediate support at 104.121
key support zone at 103.376 - 103.705
Resistance Consideration
Resistance formed by the upper trend line of the descending triangle. Once break above, it will try the previous high at 105.788 and possible to create higher high. If break down, it will revisit the key support.
DXY has been in correction since 15, Jun when another higher high was created on daily. It remains highly bullish on weekly being overbought, and with RSI above 51 on daily chart. However it showed some selling pressures on lower time frames in the past few days, with price currently just floating slightly above 104.073.
From technical perspective, the 4H chart looks like a handle of a bullish cup is forming. 0.5 fib retracement was completed on 16th, June so I expect the price to continue bullish in the coming days.
Intraday News
There’s no red folder news for Monday, however being busy for the rest of the week. Expecting a continued. Expecting a continued correction on Monday.
Liquidation
Price may drop further to the previous fib 0.5 area around 103.546 before continue its bullish move. It's month end in the beginning of the week, so if buyers taking profit, price can drop fairly quickly.
Support Consideration
immediate support at 104.121
key support zone at 103.376 - 103.705
Resistance Consideration
Resistance formed by the upper trend line of the descending triangle. Once break above, it will try the previous high at 105.788 and possible to create higher high. If break down, it will revisit the key support.
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