The US Dollar Index has been very bearish since March of 2020 when Coronavirus escalated globally and in a bearish downtrend.
However, the Daily price action has formed a support level around 89.220 and looks to build some bullish momentum on the past daily candles.
On Thursday, bulls managed to break the daily trendline and close above it. The following day, DXY retraced back to the trend and buying continued to confirm the retest. Price closed above previous days high and looks to be changing the bearish trend
This week we could see the US Dollar make a move and form an uptrend
Resistance points are 90.415, 90.716, 91.006, and 91.229
However, the Daily price action has formed a support level around 89.220 and looks to build some bullish momentum on the past daily candles.
On Thursday, bulls managed to break the daily trendline and close above it. The following day, DXY retraced back to the trend and buying continued to confirm the retest. Price closed above previous days high and looks to be changing the bearish trend
This week we could see the US Dollar make a move and form an uptrend
Resistance points are 90.415, 90.716, 91.006, and 91.229
Thank you,
Stock Sniper Trading
Stock Sniper Trading