DXY has recovered sharply after forming a bottom at 91.75 on Jan 2nd 2018. The index has broken neck line of Head and shoulder pattern. It is currently trading around 92.51. Any continuous close above neck line at 92.35 …
DXY has recovered sharply after forming a bottom at 91.75 on Jan 2nd 2018. The index has broken neck line of Head and shoulder pattern. It is currently trading around 92.51.
Any continuous close above neck line at 92.35 confirms minor trend reversal, a jump till 92.96/93.50 (50- day MA) likely.
Technically any break below 91.75 confirm bearish continuation and a decline till 91.02 likely.
The minor jump on the higher side is possible only above 93.50 (trend line resistance). The index should close on daily basis for jump till 94.25/95.15. Short term trend reversal only above 95.25 (38.2% retracement) and any violation above will take the pair to 96/97.50.
It is good to buy on dips around 92.30 with SL around 91.90 for the TP of 93/93.50.
above will take the pair to 96/97.50.
It is good to buy on dips around 92.30 with SL around 91.90 for the TP of 93/93.50.
