Dollar Index Breakdown - Is the Decline Set to Continue? 🤔📉 Dollar Index Breakdown - Is the Decline Set to Continue? 🧐💵
Hey traders, it's time to revisit the Dollar Index (DXY)! We've had some fantastic trading opportunities in the past, especially with the short on USD/JPY, and now, things are getting even more interesting.
Despite the Federal Reserve holding off on rate cuts for now, the anticipation is building. Rate cuts seem to be on the horizon, which could have significant implications for the dollar's strength. But as always, I follow the charts, and they’re signaling something big.
🔍 Key Insights:
The 100.97 level is shaping up as new resistance for the DXY.
We could see a drop below the 100 mark, with a target range between 94.63 and 92.9.
Global factors, such as the BRICS nations' efforts to reduce dependence on the dollar, along with geopolitical and economic developments, are adding to the bearish sentiment.
With less than a 15% chance of intervention in the coming months, I’m eyeing another short on the dollar.
Stay tuned, as I’ll be covering EUR/USD and USD/JPY in my next posts. Don’t forget to check out Bitcoin—it’s shaping up to be the most intriguing asset on the market right now!
Let me know your thoughts in the comments.
One Love, The FXPROFESSOR 💙
