Break out rejected. DXY still trapped in the wave 4.

The DXY made a run to break the top of the channel this week and failed. We are likely to see price spend some time in this consolidation channel before it builds up enough momentum to break to the upside. We are short term bias to the downside for the DXY but we will be only looking for long entries on the pair. A retest of the bottom of the channel at 95.7 will be a nice entry for our long.