DOLLAR INDEX (DXY) Potential Scenarios Explained 💵

10 באפר׳ 2023

Dollar Index is approaching a resistance line of a falling parallel channel on a daily.
Depending on the reaction of the price to that, I see 2 potential scenarios.

Bearish
Because the index is currently trading in a bearish trend,
probabilities will be higher that it will drop.
To confirm that, watch a horizontal range on 1H time frame.
If the price breaks and closes below its support, it will confirm the strength of bears.
A bearish continuation will be expected at least to 101.5 then.

Bullish
The market may break the resistance of the channel.
If a daily candle closes above that, it will confirm the violation.
A bullish movement will be expected to 103.0 level then.

Wait for a confirmation & then follow the market.

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