DXY (USD Index) 4hour Analysis September 6th, 2020
DXY Short Idea
Overall we are still very bearish on dxy until we see a significant break of a lower high on this timeframe.
At the current level price action is at we can see two potential bearish scenarios:
1.Price action confirms the lower high below 93.30 and begins another bearish leg. Look for strong bearish setups below the 92.60 zone. Target lower toward key fib levels.
2.Price action pullback to the 38.2% and confirms structure. Look for a lower timeframe transition to confirm the reversal. Target lower toward key fib levels.
For us to consider bullish scenarios we need to see a break of 95.00 with a confirmed higher low above the zone.
Overall we are still very bearish on dxy until we see a significant break of a lower high on this timeframe.
At the current level price action is at we can see two potential bearish scenarios:
1.Price action confirms the lower high below 93.30 and begins another bearish leg. Look for strong bearish setups below the 92.60 zone. Target lower toward key fib levels.
2.Price action pullback to the 38.2% and confirms structure. Look for a lower timeframe transition to confirm the reversal. Target lower toward key fib levels.
For us to consider bullish scenarios we need to see a break of 95.00 with a confirmed higher low above the zone.