FxWirePro:US Dollar Index forms bullish Gartley Pattern, good to buy on dips
Harmonic Pattern Formed – Bullish Gartley Pattern. Potential Reversal Zone (PRZ) - 98.85. The index broken major support at 100 and declined till 99.48 yesterday. Short term trend is slightly bullish as long as support 9…
Harmonic Pattern Formed – Bullish Gartley Pattern.
Potential Reversal Zone (PRZ) - 98.85.
The index broken major support at 100 and declined till 99.48 yesterday. Short term trend is slightly bullish as long as support 98.86 holds.
DXY has formed Bullish Gartley pattern in the 4H chart and potential reversal zone is at 98.86. Any minor weakness can be seen only below that level.
On the higher side, near term resistance is around 99.92 (23.6% retracement of 101.34 and 99.48) and any break above will take the index till 100.41 (100- 4H EMA)/100.62 (55- day EMA).
The near term major support is around 99.25 and any break below will drag the index down till 98.85.Major trend reversal only below 98.85. Break below targets 98.
It is good to buy on dips around 99.35-40 with SL around 98.85 for the TP of 100/100.41.
