- 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.
