DXY short opportunity
Updated
The US dollar index has retraced from 13-month highs at 96.98.
Shooting star formation seen on daily charts and price has dipped below 5-DMA at 96.49.
Intraday charts have turned bearish. Price action has dipped below hourly cloud and we see bearish divergence which adds to downside bias.
Shooting star formation seen on daily charts and price has dipped below 5-DMA at 96.49.
Price is holding support at 1H 100-SMA at 96.42. Break below will see further weakness.
Next immediate support is seen at 96.31 (23.6% Fib) ahead of 1H 200-SMA at 95.84 and then 21-EMA at 95.50.
Good to go short on break below 1H 100-SMA, SL: 97, TP: 95.84/ 95.50
Shooting star formation seen on daily charts and price has dipped below 5-DMA at 96.49.
Intraday charts have turned bearish. Price action has dipped below hourly cloud and we see bearish divergence which adds to downside bias.
Shooting star formation seen on daily charts and price has dipped below 5-DMA at 96.49.
Price is holding support at 1H 100-SMA at 96.42. Break below will see further weakness.
Next immediate support is seen at 96.31 (23.6% Fib) ahead of 1H 200-SMA at 95.84 and then 21-EMA at 95.50.
Good to go short on break below 1H 100-SMA, SL: 97, TP: 95.84/ 95.50
Note
All targets hit.DXY takes support at 21-EMA. Break below could see further weakness.
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