The market has spoken and it’s whispering a potential bullish breakout.
As seen in the chart, the US Dollar Index (DXY) recently broke out from a short-term consolidation zone after forming a solid base near the 99.00 region. Currently, it's retesting a minor support level (highlighted by the yellow horizontal line).
Key Observation:
Price is holding above this support zone with strength. If this level holds, I anticipate a continuation to the upside as marked by the white arrow.
Target: The next major resistance zone lies near the 103.00 area, where price previously reversed. This becomes the logical next stop if the bullish momentum continues.
What I’m Watching:
Reaction from the current support zone
Strength of buyers stepping in
Any fundamental catalysts from USD-related news/events
In trading, it's not about predicting, it's about preparing. This chart reflects a classic "break-and-retest" scenario often seen before major moves.
Let’s see how this plays out over the coming days.
As seen in the chart, the US Dollar Index (DXY) recently broke out from a short-term consolidation zone after forming a solid base near the 99.00 region. Currently, it's retesting a minor support level (highlighted by the yellow horizontal line).
Key Observation:
Price is holding above this support zone with strength. If this level holds, I anticipate a continuation to the upside as marked by the white arrow.
Target: The next major resistance zone lies near the 103.00 area, where price previously reversed. This becomes the logical next stop if the bullish momentum continues.
What I’m Watching:
Reaction from the current support zone
Strength of buyers stepping in
Any fundamental catalysts from USD-related news/events
In trading, it's not about predicting, it's about preparing. This chart reflects a classic "break-and-retest" scenario often seen before major moves.
Let’s see how this plays out over the coming days.
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