Waiting game
DXY monthly chart
Price is within a consolidation phase, where price is seen to have failed to break above the 2023 swing high at 106.666 and started ranging for 3 months before the current drop towards our 2023 swing low at 101.582. This level is a key level as it will determine if we are going to experience a further drop in price and break the consolidation phase low or will price respect this level and remain within the consolidation phase.
It is very much important for us to wait for price to react to this area and monitor price action for any signals for a potential reversal to take place.
Price is within a consolidation phase, where price is seen to have failed to break above the 2023 swing high at 106.666 and started ranging for 3 months before the current drop towards our 2023 swing low at 101.582. This level is a key level as it will determine if we are going to experience a further drop in price and break the consolidation phase low or will price respect this level and remain within the consolidation phase.
It is very much important for us to wait for price to react to this area and monitor price action for any signals for a potential reversal to take place.
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