DXY: Facing Resistance
Using a parallel channel, we can see DXY is facing resistance. With bonds continuing to increase and sell offs starting to happen among risk assets, I believe that DXY will break through this resistance.
However, before that happens, I think we will see a relief rally in equity markets (we are already seeing the beginnings of it), meaning the DXY and most likely US10Y will see a pull back.
In terms of DXY, I think we will retrace down to the 1W MA, which should hover around the 0.236 fib level in a couple of weeks, corresponding to around 102.5-102.7. After finding support, we should have enough momentum to break through this channel to the upside.
For now, it is resistance.
This is not financial advice. Do your own research and trade at your own risk.
However, before that happens, I think we will see a relief rally in equity markets (we are already seeing the beginnings of it), meaning the DXY and most likely US10Y will see a pull back.
In terms of DXY, I think we will retrace down to the 1W MA, which should hover around the 0.236 fib level in a couple of weeks, corresponding to around 102.5-102.7. After finding support, we should have enough momentum to break through this channel to the upside.
For now, it is resistance.
This is not financial advice. Do your own research and trade at your own risk.
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