The probability of DXY Dollar index going up is large.
The probability of DXY Dollar index going up is large.
Since the beginning of the year to today (May 5), the US dollar index has risen from the low of 89.2 on January 6 until now.
However, the relatively recent high of 93.437 on March 21 began to fall for six consecutive weeks, and then rebounded on April 28. The current price has returned to above the 91.
Although the SMA60 moving average on the H4 chart has been "death cross" to the SMA200 moving average, decline of the SMA 60 moving average has slowed and there is still a year-to-date mid-term trend support line below.
If the future price does not fall below the mid-term trend support line, the probability of the dollar index rising is still relatively large. On the contrary, if the price falls below the trend line, we should pay attention to the 90 Integer support.
Update: May.5th 2021
Forecast validity: 5 - 10 Market Days.
Since the beginning of the year to today (May 5), the US dollar index has risen from the low of 89.2 on January 6 until now.
However, the relatively recent high of 93.437 on March 21 began to fall for six consecutive weeks, and then rebounded on April 28. The current price has returned to above the 91.
Although the SMA60 moving average on the H4 chart has been "death cross" to the SMA200 moving average, decline of the SMA 60 moving average has slowed and there is still a year-to-date mid-term trend support line below.
If the future price does not fall below the mid-term trend support line, the probability of the dollar index rising is still relatively large. On the contrary, if the price falls below the trend line, we should pay attention to the 90 Integer support.
Update: May.5th 2021
Forecast validity: 5 - 10 Market Days.
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