DXY - Support and Resistance - Reversal?
Updated
DXY is bouncing off weekly Tom DeMark support.
Possible reversal pattern with with all of the buy and sell zones with support and resistance lines.
Possible reversal pattern with with all of the buy and sell zones with support and resistance lines.
Note
Weekly support still intact. Rallying off the weekly TD9 Buy.
CPI data is in and inflation numbers are higher than expected. The market has priced in continued QE. Soaring inflation leads to tapering. Tapering leads to equities crash.
FOMC meeting- June 15-16. A hint of tapering will likely cause volatility.
federalreserve.gov/monetarypolicy/fomccalendars.htm
Using caution in the coming week may be prudent.
Note
New weekly sell zone and resistance based on TD9 weekly candle. Note
Already at the weekly resistance line.
The next red line up at 93.07 is a daily double resistance line.
RSI shows overbought and weekly resistance line is still intact. ... Some pulling back should come.
Note
Daily double resistance line broken and cleared.
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