DXY had a weak week last week till the last day which saved it from sinking further.
The RSI on weekly is still intact above 50 (51.3+), daily is on the way back to 49 so there' might be some good long momentum to be expected in the next day or few more.
The immediate resistance is very strong, at 92.530, which is not only multiple weeks lows and highs (hence having become a very strong resistance), but also it is close to 20MA on daily chart.
My expectation is that it will resume going up for a bit more time hitting on the resistance, and then going down and up but above 91.8
There's lots of US economy data releases this week, so anything can happen.
Scenario 1: it rises up above 92.53, that opens the door for it rise back up again to challenge previous high of 93.2 and 93.43;
Scenario 2: it going back down and revisit 91.8, 91.5 and abysmal bottom.
Note: I don't trade DXY. It's my base analysis for other pairs.
GL and safe trading for this week.
The RSI on weekly is still intact above 50 (51.3+), daily is on the way back to 49 so there' might be some good long momentum to be expected in the next day or few more.
The immediate resistance is very strong, at 92.530, which is not only multiple weeks lows and highs (hence having become a very strong resistance), but also it is close to 20MA on daily chart.
My expectation is that it will resume going up for a bit more time hitting on the resistance, and then going down and up but above 91.8
There's lots of US economy data releases this week, so anything can happen.
Scenario 1: it rises up above 92.53, that opens the door for it rise back up again to challenge previous high of 93.2 and 93.43;
Scenario 2: it going back down and revisit 91.8, 91.5 and abysmal bottom.
Note: I don't trade DXY. It's my base analysis for other pairs.
GL and safe trading for this week.
