As you can see DXY is heading back up to a key resistance, I do not think that DXY has shown any signs of breaking through this resistance and continuing upwards. I do however think that DXY will touch this resistance and then come back down to test the major key level at 92.437. This level is key as it has been tested multiple times before, and I do think DXY has become reliant upon this level, so it will be interesting to see what DXY does.
I do think DXY will breakthrough and continue back downwards, which is the long term trend if you look at the higher time frames, so the drop is inevitable, and is surely coming very soon and we might see it this week. With DXY crashing, this opens up the idea of LONGS across XXXUSD pairs, meaning we may see a lot of movement across the Major Pairs this week.
However, we do have to remember this is the American Dollar, DXY may also bounce off the key level and continue upwards, soaring towards its previous highs, so it will be an interesting week ahead, and it will be great to see what happens, however my bias is still saying this will be a bearish week for DXY.
Thank you for taking the time to read through this!
I do think DXY will breakthrough and continue back downwards, which is the long term trend if you look at the higher time frames, so the drop is inevitable, and is surely coming very soon and we might see it this week. With DXY crashing, this opens up the idea of LONGS across XXXUSD pairs, meaning we may see a lot of movement across the Major Pairs this week.
However, we do have to remember this is the American Dollar, DXY may also bounce off the key level and continue upwards, soaring towards its previous highs, so it will be an interesting week ahead, and it will be great to see what happens, however my bias is still saying this will be a bearish week for DXY.
Thank you for taking the time to read through this!