DXY- Reversal underway?
Since the 115 top at the end of September, the US Dollar index dropped hard with a more than 10% decline from the top to the recent 104 zone bottom.
However, the last month's drop from 108 top is contained in a falling wedge which is a warning of reversal.
Considering the long-term bullish trend for Usd and 104 very strong support on longer time frames I expect a reversal soon.
108 could be the bull's target with negation in case of a new low.
Buy dips slightly above 104 could also have a more than 1:3 R: R for medium-term traders.
However, the last month's drop from 108 top is contained in a falling wedge which is a warning of reversal.
Considering the long-term bullish trend for Usd and 104 very strong support on longer time frames I expect a reversal soon.
108 could be the bull's target with negation in case of a new low.
Buy dips slightly above 104 could also have a more than 1:3 R: R for medium-term traders.
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