DXY (Dollar Index): Year's High & Potential Reversal Zone 💵
Updated
Hey traders,
DXY remains very bullish since the end of May.
However, with the recent price action, the market started to slow down.
The index is currently trading within a rising wedge pattern.
Signifying the exhaustion, bears are looking for a strong supply area to start pushing.
On focus is 93.3 - 93.5 area.
It is a potential reversal zone based on a current year's high.
Let the price reach that area and then look for a bearish breakout of the wedge as
the confirmation of a coming bearish rally.
Remember that if the price breaks the underline zone without any hesitation,
bullish continuation will be expected on the index.
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