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DXY Bears are in Control and just warming up
After a weekly morning star reversal failed at the monthly 14 EMA, bears are taking control. 2018 upward channel is at risk of being broken.
The risk of another Covid 19 shut down of US economy is growing with the increased number of cases. This puts DXY back in March mood when DXY took a nose dive to 88.00
The price action has respected Fibonacci levels. If long term channel is broken, the downward breakout would target -0.618 at 90.20 and even -0.786 at 88.88
Momentum is in negative territory and pointing downwards with still room before oversold area.
Price action chart analysis will follow.
The risk of another Covid 19 shut down of US economy is growing with the increased number of cases. This puts DXY back in March mood when DXY took a nose dive to 88.00
The price action has respected Fibonacci levels. If long term channel is broken, the downward breakout would target -0.618 at 90.20 and even -0.786 at 88.88
Momentum is in negative territory and pointing downwards with still room before oversold area.
Price action chart analysis will follow.
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