- Price is breaking out of a downsloping wedge after being sold off since March last year
- The narrative is that dollar will weaken with all the US stimulus plans but the markets are famous for overshooting the mark and it could possibly be oversold at this point.
- A correction (bounce) is likely if one looks at the chart , especially as it reached a major support zone and a move towards the top of the wedge and even the downsloping 200ma is possible.
- Below 88 would negate the view and the bearish outlook would resume.
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
DXY
- The narrative is that dollar will weaken with all the US stimulus plans but the markets are famous for overshooting the mark and it could possibly be oversold at this point.
- A correction (bounce) is likely if one looks at the chart , especially as it reached a major support zone and a move towards the top of the wedge and even the downsloping 200ma is possible.
- Below 88 would negate the view and the bearish outlook would resume.
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
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