FxWirePro: US Dollar Index forms Bullish Bat pattern, good to buy on dips
Pattern formed- Bullish Bat Potential Reversal Zone (PRZ) – 96.50 DXY has formed a bottom at 96.32 before Fed policy meeting on Jun 14th 2017 and jumped sharply after Fed hikes interest rates. The index jumped till 97.56…
DXY has formed a bottom at 96.32 before Fed policy meeting on Jun 14th 2017 and jumped sharply after Fed hikes interest rates. The index jumped till 97.56 at the time of writing. It is currently trading around 97.35.
On the higher side, near term resistance is around 98.07 (May 18th high) and any break above will take the index till 98.88 (89- 4H EMA)/99.25.
On the lower side, major support is around 96.40 (61.8% fibo) and any break below will take the index down till 95.90/95.
Short term bullish invalidation only below 95.90.
It is good to buy on dips around 97.10-97.20 with SL around 96.50 for the TP 98.07/98.80
