Moment of Truth for USD Bulls
DXY is testing a major technical confluence here at 105.55/71- a region defined by the 61.8% Fibonacci retracement of the April decline, the 2023 January high, the March 2023 & May 2024 high-day closes (HDC) and the 100% extension of the June advance.
Looking for a reaction up here. Initial support 104.68 and losses should be limited to the 200DMA IF price is still heading higher here.
Topside breach from here exposes the yearly high-day close (HDC) at 106.37 and the 100% extension of the December rally at 106.71-look for a larger reaction there IF reached.
Michael Boutros, Sr Technical Strategist
MBForex
Looking for a reaction up here. Initial support 104.68 and losses should be limited to the 200DMA IF price is still heading higher here.
Topside breach from here exposes the yearly high-day close (HDC) at 106.37 and the 100% extension of the December rally at 106.71-look for a larger reaction there IF reached.
Michael Boutros, Sr Technical Strategist
MBForex
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