DXY (USD Index) Daily Analysis June 7th, 2020
DXY Short idea
Based on last weeks huge bearish momentum I will have a bearish bias coming into this week.
It looks very likely that we will see our monthly zone tested around the 96.00 area before any sort of reversal will be considered.
The blue arrow represents the most likely trade path down to the 96.00 area
The orange arrow represents a break of this bearish channel and a retracement to our key resistance and 61.8% (98.50) fib based on the position of current price action.
Based on last weeks huge bearish momentum I will have a bearish bias coming into this week.
It looks very likely that we will see our monthly zone tested around the 96.00 area before any sort of reversal will be considered.
The blue arrow represents the most likely trade path down to the 96.00 area
The orange arrow represents a break of this bearish channel and a retracement to our key resistance and 61.8% (98.50) fib based on the position of current price action.
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