here is an analysis for the DXY (U.S. Dollar Index) on the 30-m
Based on the chart provided, here is an analysis for the DXY (U.S. Dollar Index) on the 30-minute timeframe:
### Observations:
1. **Resistance Zone (Blue Area)**:
- The price is approaching a marked resistance zone around 109.000.
- The annotation "wait for bearish confirmation" suggests this level is significant, and traders are looking for signs of reversal (e.g., bearish candlestick patterns or failure to break above).
2. **Key Levels**:
- **109.000**: Strong resistance zone where selling pressure is anticipated.
- **108.600-108.400**: A support zone below, indicated by green shaded areas.
- **107.800**: A major lower support zone, indicating where buyers might step in strongly if the price drops significantly.
3. **Market Structure**:
- **Higher High (HH)**: The price has created a higher high, indicating bullish momentum in the short term.
- **Change of Character (ChoCh)**: Highlighted earlier in the chart, signaling a shift from bearish to bullish structure during the recent recovery.
4. **Potential Scenarios**:
- If the price forms bearish confirmation at the resistance zone (e.g., double top, bearish engulfing), a sell-off might be expected toward the first support level around 108.600.
- If bullish momentum continues and the price breaks and retests above 109.000, it could target higher levels.
### Strategy:
- **For Selling**:
- Wait for bearish confirmation around 109.000.
- Potential targets could be the support zones at 108.600 and 108.400.
- **For Buying**:
- Monitor if the price respects the support zones (108.600-108.400) and shows bullish signs for potential entries.
- If price breaks below these support zones, consider 107.800 as the next key level.
