U.S. Dollar IndexShort
DXY reach the 17 Years Resistance
Updated
Finally, DXY reached the 17 Years Resistance. This resistance was tested in November 2005, December 2016, and September 2022.
Powell will speak this week, and many incoming high-impact US data this month. The question is whether DXY will break or rejects the resistance ?
If DXY rejects this resistance, I reckon it will fall deep to 102, and if DXY breakout above, the potential target will be 120.
Currently, I reckon DXY will rejects, but time will tell.
Invalidation:
- This short sentiment analysis fails if the price breaks above the resistance.
Powell will speak this week, and many incoming high-impact US data this month. The question is whether DXY will break or rejects the resistance ?
If DXY rejects this resistance, I reckon it will fall deep to 102, and if DXY breakout above, the potential target will be 120.
Currently, I reckon DXY will rejects, but time will tell.
Invalidation:
- This short sentiment analysis fails if the price breaks above the resistance.
Note
Solid weekly rejection so far. Fly to 120 ? time will tell
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