On the 4-hour chart (4H) of DXY (U.S. Dollar Index), the price is currently in a downtrend, indicating a strong sell opportunity.
Sell Levels: 101.200 - 101.500
The price has reached a potential selling zone between 101.200 and 101.500, which is acting as a resistance range in the current bearish trend. This is a strategic area to consider short positions as the market may struggle to break above this level.
Target Level: 99.500
The expected downside target for this move is around 99.500, a key support area where the price might find some buying interest or consolidation after the bearish move.
Key Factors:
Downtrend: Lower highs and lower lows dominate the price action.
Resistance: The price faces strong selling pressure near 101.200-101.500.
Momentum: Indicators like RSI and moving averages suggest the trend is firmly bearish, with room to fall toward the 99.500 support.
Trading Strategy:
Entry: Look for short entries near the 101.200-101.500 range.
Target: Aim for the 99.500 level as the profit target.
Stop-loss: Consider placing a stop-loss above 101.500 to manage risk effectively.
This setup offers a favorable risk-to-reward ratio in line with the ongoing downtrend.
Sell Levels: 101.200 - 101.500
The price has reached a potential selling zone between 101.200 and 101.500, which is acting as a resistance range in the current bearish trend. This is a strategic area to consider short positions as the market may struggle to break above this level.
Target Level: 99.500
The expected downside target for this move is around 99.500, a key support area where the price might find some buying interest or consolidation after the bearish move.
Key Factors:
Downtrend: Lower highs and lower lows dominate the price action.
Resistance: The price faces strong selling pressure near 101.200-101.500.
Momentum: Indicators like RSI and moving averages suggest the trend is firmly bearish, with room to fall toward the 99.500 support.
Trading Strategy:
Entry: Look for short entries near the 101.200-101.500 range.
Target: Aim for the 99.500 level as the profit target.
Stop-loss: Consider placing a stop-loss above 101.500 to manage risk effectively.
This setup offers a favorable risk-to-reward ratio in line with the ongoing downtrend.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.