DXY Dollar Index Update May 8th
The dollar continues its advance towards the target at 94.20
but in the nearer term it's just approaching the next
resistance lines, closely positioned at 93.32 and 93.42.
It should consolidate the last impulse here, coming back to
test the lower parallel one more time before powering up to
the target at 94.20. If day trading EURUSD or other dollar
pairs the 93.32-93.43 range is the right zone to close out
shorts, looking to short again once DXY touches the lower
parallel again. Otherwise can stay short of USD pairs until
94.20 is reached on DXY.
The dollar continues its advance towards the target at 94.20
but in the nearer term it's just approaching the next
resistance lines, closely positioned at 93.32 and 93.42.
It should consolidate the last impulse here, coming back to
test the lower parallel one more time before powering up to
the target at 94.20. If day trading EURUSD or other dollar
pairs the 93.32-93.43 range is the right zone to close out
shorts, looking to short again once DXY touches the lower
parallel again. Otherwise can stay short of USD pairs until
94.20 is reached on DXY.