DXY (USD Index) 4hour Analysis October 24th, 2021
DXY Bullish Idea
Weekly Trend: Bearish
Daily Trend: Bullish
4Hour Trend: Bearish
Trade scenario 1: Recent price action has been very bullish lately on DXY.
Going into this week we can see price action continuing bullish after we see a reversal around recent broken structure & our 61.8% fib level near 93.250. How price action reacts here will determine the next 4hour trend.
Either a continuation or reversal.
Trade scenario 2: If we do price action push lower we can declare this recent formation around 93.800 a daily reversal and NOT a daily continuation. Expect to see more downward pressure.
We will be targeting support around 91.500 as that is the next major daily support level.
Weekly Trend: Bearish
Daily Trend: Bullish
4Hour Trend: Bearish
Trade scenario 1: Recent price action has been very bullish lately on DXY.
Going into this week we can see price action continuing bullish after we see a reversal around recent broken structure & our 61.8% fib level near 93.250. How price action reacts here will determine the next 4hour trend.
Either a continuation or reversal.
Trade scenario 2: If we do price action push lower we can declare this recent formation around 93.800 a daily reversal and NOT a daily continuation. Expect to see more downward pressure.
We will be targeting support around 91.500 as that is the next major daily support level.