For the DXY, there are two levels worth noting:
Weekly 38% Retracement, 97.787
Monthly 62% Retracement, 97.701
If we see the DXY extend today's losses, this zone may set up as robust support. Here's a potential trade:
1) Buy market anywhere between 97.790 to 97.695
2) Initial stop loss at 96.994
3) 1:2 Risk Vs. Reward
The convergence of intermediate and long-term levels lends credence to this area being a potential position long. With the Fed due to speak, we may get a crack at this area to the bull.
Weekly 38% Retracement, 97.787
Monthly 62% Retracement, 97.701
If we see the DXY extend today's losses, this zone may set up as robust support. Here's a potential trade:
1) Buy market anywhere between 97.790 to 97.695
2) Initial stop loss at 96.994
3) 1:2 Risk Vs. Reward
The convergence of intermediate and long-term levels lends credence to this area being a potential position long. With the Fed due to speak, we may get a crack at this area to the bull.
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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.
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.