DXY (USD Index) 4hour Analysis November 7th, 2021
DXY Bullish Idea
Weekly Trend: Bearish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: Looking bullish here on the 4hour but we can see that 94.500 has held as strong resistance again.
This could be a larger reversal in play so we will have to see how price action reacts here at 92.250. Ideally we will see the trend continue bullish and we will be able to see some higher lows above 94.500.
Trade scenario 2: If price action fails to push higher we can look for price action to fall toward support around 93.800
Weekly Trend: Bearish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: Looking bullish here on the 4hour but we can see that 94.500 has held as strong resistance again.
This could be a larger reversal in play so we will have to see how price action reacts here at 92.250. Ideally we will see the trend continue bullish and we will be able to see some higher lows above 94.500.
Trade scenario 2: If price action fails to push higher we can look for price action to fall toward support around 93.800