DXY at Support: Is it going to bounce?

13 janv. 2021

DXY got into a downtrend from late March following the pandemics lockdown and now it reached a strong historical support. It had been bounced at this level in Feb and Apr 2018 back when Bitcoin hit 20K as the first ATH. Now it has the same fractal as 2017 and a semi Double-Top pattern formed in macro view. This major support at 89 is playing as the neckline of this double-top and if DXY breaks this level downside I expect to see it at the next main support at 81. On the other hand, It has the potential to break out from the dynamic resistance upward similar to the 2018 move. In this case, it can grow up to 97.

3 mars 2021

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