DXY Dollar Index
The Dollar Index has fallen to the next blue line of support
91.76 after an intra-day low at 91.75. It's trying to hold here.
It's still trapped in a near term downwave and struggling to
escape. It's already made one attempt to escape the down-trend
and is trying again now. There are pins forming below the low
and above it too on the 2 hour chart, denoting conflict/confusion
here. For the bulls to win some respite they need to force
DXY above 91.95 and hold it there (and no lower than 91.92
on a retest once 91.95 is taken) to attract more buyers up to
92.05-92.12 range where DXY will likely turn back down again.
For DXY to show it's turning back up from that point it will have to
take back 92.12 and then turn 92.04 into support when tested
from above. Will need to see something like this kind of price
action to convince that DXY has more upside to 92.49-92.55
On the downside the next support below 91.76 lies at 91.52 with major support/maximum likely downside target at 91.02. A move below any blue line by more than a couple of pips is likely to trigger further weakness back to the next one.
The Dollar Index has fallen to the next blue line of support
91.76 after an intra-day low at 91.75. It's trying to hold here.
It's still trapped in a near term downwave and struggling to
escape. It's already made one attempt to escape the down-trend
and is trying again now. There are pins forming below the low
and above it too on the 2 hour chart, denoting conflict/confusion
here. For the bulls to win some respite they need to force
DXY above 91.95 and hold it there (and no lower than 91.92
on a retest once 91.95 is taken) to attract more buyers up to
92.05-92.12 range where DXY will likely turn back down again.
For DXY to show it's turning back up from that point it will have to
take back 92.12 and then turn 92.04 into support when tested
from above. Will need to see something like this kind of price
action to convince that DXY has more upside to 92.49-92.55
On the downside the next support below 91.76 lies at 91.52 with major support/maximum likely downside target at 91.02. A move below any blue line by more than a couple of pips is likely to trigger further weakness back to the next one.