DXY possible visitation of 94.550
The Dollar Index is currently in a uptrend on the H4, D and Weekly. In the past few weeks, we have seen a very strong bullish greenback but we have seen a consolidation recently. I believe that the previous uptrend has exhausted, thus, the greenback could revisit lows around 94.550 only as a retracement ( create new HL ) before we could potentially see the dollar continue with it's bullish trend. This will also depend on the risk appetite of investors and future updates of the Omricon variant.
We can consider the trend to have began once we clear the lows of 96.000
We can consider the trend to have began once we clear the lows of 96.000
Note
DXY seems to have found support at 95.500. Keep a look out for this level, if it holds we can start to see price reverse to upside. Furthermore, if we break this level, we looking for the next two levels, which are 95.000 and then finally 94.500. However, keep in mind that we can find support on either key levels.Trade closed: target reached
As you can see price found support on 94.750 rather than the projected target. Nonetheless, let's see if maybe the Dollar might be heading for the sky.
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