Mihai_Iacob

Have DXY bottomed?

Long
TVC:DXY   U.S. Dollar Index
Since the top from October last year, DXY has been in a strong down trend.
However, considering the trend started back in May 2021, this is only a correction, in fact, it even stopped at the 0.618 Fibo.
The recent drop under 101 support was, in fact, a false break, one more reason to believe the Usd index found its bottom.
At this moment Dxy is trading in a confluence resistance: a recent low, and the falling trend line from the top, and a correction could follow.
This potential correction should be considered a good opportunity to sell Usd pairs and my main focus is on EurUsd and GbpUsd.
Only a drop back under 101 would change my bullish outlook for the index (bearish Usd pairs)


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