Major resistance – 93.36-93.65 (100- day MA and 55- day EMA). DXY has formed a bottom at 92.50 and showing a minor recovery from that level. The index jumped till 93.51 and is consolidating between 93.49 and 93.04 for pa…
Major resistance – 93.36-93.65 (100- day MA and 55- day EMA).
DXY has formed a bottom at 92.50 and showing a minor recovery from that level. The index jumped till 93.51 and is consolidating between 93.49 and 93.04 for past two trading. It is currently trading around 93.37.
The index should convincingly break above 55- day EMA and any daily close confirms further upside till 94.20 (61.8% retracement of 95.15 and 92.50)/95/95.25 (200- day EMA). Short term bearish invalidation only above 95.25.
On the lower side, any break below 93 confirms minor weakness. The index should close below 92.59 (61.8% fibo) for further decline till 91.62/91 likely.
It is good to buy on dips around 93 with SL around 92.50 for the TP of 93.65/94.20.
