DXY Daily Analysis - Fall to 200EMA 105.000 Level Then Bounce?
DXY has been rejected at the bull channel support, falling to 105.000 before closing last week. There is now a gap to the 200EMA, which given the rejection bar, seems like a probable target if you're already short. I would caution going full-on short just yet until we close below the 200EMA. If we get a bounce at the 200EMA, I would consider a long back up to the 30EMA at 106.000.
Key Points:
1. Fell out of Bull Channel
2. Rejection off of the Bull Channel at the 107.000 area
3. There is a gap down to the 200EMA
4. RSI Room to Move Up
As always, trade at your own risk, you are responsible for your trades. I hope this analysis was insightful and useful.
Trade wisely and let us know what you think in the comment section below!
Key Points:
1. Fell out of Bull Channel
2. Rejection off of the Bull Channel at the 107.000 area
3. There is a gap down to the 200EMA
4. RSI Room to Move Up
As always, trade at your own risk, you are responsible for your trades. I hope this analysis was insightful and useful.
Trade wisely and let us know what you think in the comment section below!
-Joe Dean
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Trader Engineering Course
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