Major trend line resistance- 94 (trend line joining 102.97 and 101.26). DXY is trading within the channel for the past 1-1/2 month. It has formed a bottom around 91.02 and shown a minor jump till 95.15 Nov 7th 2017. It i…
Major trend line resistance- 94 (trend line joining 102.97 and 101.26).
DXY is trading within the channel for the past 1-1/2 month. It has formed a bottom around 91.02 and shown a minor jump till 95.15 Nov 7th 2017. It is currently trading around 93.36.
Technically the pair has declined slightly below 100- d ay MA and shown a minor jump. The index should break below 92.90 for minor decline till 91.
The huge jump on the higher side is possible only above trend line resistance at 94.05. The index should close on daily basis above 94.05 for further jump till 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 above 94.05 with SL around 93.40 for the TP of 95.15/96.50.
