DXY (USD Index) 4hour Analysis September 13th, 2020
DXY Short Idea
Overall we are very bearish on the USD and are looking to continue with that trend.
On the 4hour timeframe we recently saw a break of our descending channel. From here we can see two opportunities:
1.Price action continues with the breakout and forms a higher low above 93.30. Look for price action to form structure around 94.00, our 38.2% fib level. Target low upon a confirmed reversal & transition.
2.Price action falls back into our descending channel and continues with the overall bearish trend. Look for a confirmed lower high below 92.60.
Overall we are very bearish on the USD and are looking to continue with that trend.
On the 4hour timeframe we recently saw a break of our descending channel. From here we can see two opportunities:
1.Price action continues with the breakout and forms a higher low above 93.30. Look for price action to form structure around 94.00, our 38.2% fib level. Target low upon a confirmed reversal & transition.
2.Price action falls back into our descending channel and continues with the overall bearish trend. Look for a confirmed lower high below 92.60.