US Dollar bears to run into hiding after DXY tests 105.65 USD
The DXY has been on a bull run from July 2023 and eventually broke the resistance band of a major falling wedge and the 105.24 USD level, which it then restested with a mini falling wedge and closed strongly bullish on 24th Oct 2023 and broke its own resistance band on 25th Oct 2023.
The Index currently seems to be on its way to seek support around 105.65USD as a way of retesting the broken resistance band of the mini falling wedge and prepare the US Dollar bulls to chase other instruments such as Gold and other major currencies into a bear party while the DXY steps higher to test the broken November 2022 support around 109.00 USD.
Overall sentiment on the USD : Bullish
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The Index currently seems to be on its way to seek support around 105.65USD as a way of retesting the broken resistance band of the mini falling wedge and prepare the US Dollar bulls to chase other instruments such as Gold and other major currencies into a bear party while the DXY steps higher to test the broken November 2022 support around 109.00 USD.
Overall sentiment on the USD : Bullish
Like, comment and follow if the above analysis was helpful.