U.S. Dollar Index (DXY) Technical Analysis
Consolidation Phase
The price has been trading within a consolidation zone, forming a potential reversal pattern. This suggests that buyers and sellers are in equilibrium, awaiting a breakout.
Breakout Potential & Entry Area
The price is currently testing the entry area, which aligns with a key supply zone. A successful breakout above this level could lead to a continuation of the upward momentum.
Key Resistance Area
The major resistance level is observed around 106.15–106.17, where previous selling pressure has emerged. A confirmed breakout above this zone could drive the price toward higher levels.
Bullish Scenario
- A breakout and retest of the entry area could provide a strong bullish confirmation.
- Target levels could extend towards 106.50 and higher.
Bearish Risk
- Failure to break above the resistance may lead to a pullback.
- A drop below the entry area could signal weakness, pushing the price back into consolidation.
Conclusion
Traders should watch for a clear breakout confirmation above the resistance zone for a bullish continuation. If rejected, price may revert to its previous range.
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Consolidation Phase
The price has been trading within a consolidation zone, forming a potential reversal pattern. This suggests that buyers and sellers are in equilibrium, awaiting a breakout.
Breakout Potential & Entry Area
The price is currently testing the entry area, which aligns with a key supply zone. A successful breakout above this level could lead to a continuation of the upward momentum.
Key Resistance Area
The major resistance level is observed around 106.15–106.17, where previous selling pressure has emerged. A confirmed breakout above this zone could drive the price toward higher levels.
Bullish Scenario
- A breakout and retest of the entry area could provide a strong bullish confirmation.
- Target levels could extend towards 106.50 and higher.
Bearish Risk
- Failure to break above the resistance may lead to a pullback.
- A drop below the entry area could signal weakness, pushing the price back into consolidation.
Conclusion
Traders should watch for a clear breakout confirmation above the resistance zone for a bullish continuation. If rejected, price may revert to its previous range.
If you enjoy, press the like button. 🚀
Trade active
Note
60 pips achieved from 104.000 to 104.600. Trade closed manually
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Disclaimer
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💸FREE FOREX Signals in Telegram : t.me/SOAMPROTRADER
🔹Join Our Telegram Channel, Pure Price Action Based Signals With Chart Analysis.
t.me/SOAMPROTRADER
🚀FREE CRYPTO Signals In Telegram: t.me/SOAMPROTRADER
🔹Join Our Telegram Channel, Pure Price Action Based Signals With Chart Analysis.
t.me/SOAMPROTRADER
🚀FREE CRYPTO Signals In Telegram: t.me/SOAMPROTRADER
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.