DXY halted its 10 days winning streak and lost nearly 30 pips from the high of 97.34 made on Friday. The index has jumped nearly 150 pips from low of 95.75. The jump was mainly due to declining US yield and yield curve inversion. It is currently trading around 97.08.
The near term support is around 96.77 (20- day MA) and any violation below will take the index to next level till 96.55 (55- day EMA)/96.36.Any break below 95.74 low made on Mar 20th confirms further weakness.
On the higher side, near term resistance is at 97.40 and any break above continues to reach 97.71 high made on Mar 7 almost a double top .Any break above 97.71 confirms bullish continuation.
It is good to sell on rallies around 97.35-40 with SL around 97.71 for the TP of 96.36
