DXY: LONGDXY: LONG
E: 99.56
SL: 99.46
TP1: 99.8
TP2: 100.01
market broke prior resistance level (change of polarity).
market made hit major demand level where price have difficulty making new lows.
price volume is increasing as it goes up to my take profit levels.
0.618 retracement is used for target 2 which is at the break of the previous resistance level (change of polarity) and 0.382 is used for target 1.
note: I am not an expert as yet, this is only my opinion.
DXY trade ideas
Down Move coming on DXY?My projection for the DXY on the hourly chart:
Expecting the DXY to go down from the current levels i.e. 101.48 or from 101.57
It can go down till 100.63, retrace back a little from there and then head down to 100.08 zones.
Strong resistance at top with the completion of a ABCD Pattern & Bearish Butterfly pattern along the same zone.
But, CPI and Yellen testament tonight might invalidate my view.
Dollar history case studyIts amazing experience to look at Dollar on monthly chart( its first time i looked Monthly chart on Dollar).
All time high of 162
Resistance level 102, 120
Support level :100 ( great physiological No). but i think it will dive below that and hunt for stoploss.
next support level will be 92