DXY is currently at the top of its range right now, and with the current week filled with important events, it will be looking to make some big moves this week.
I am bearish on DXY in the short term, and expect it to stick in this range for another wave or two. However, if this week's CPI and retail data lifts the dollar up, then it is possible we see a breakout.
If it breaks upwards, near term resistance is from 98.50 - 100.00, and we would expect it to touch this range before retracing downwards a bit, and finally continuing upwards some more.
In this case, I think it's pretty close to 50/50. with a little bias on the bearish side. The best bet is to wait for confirmation before we re-enter any USD pairs.
-Osbetel
I am bearish on DXY in the short term, and expect it to stick in this range for another wave or two. However, if this week's CPI and retail data lifts the dollar up, then it is possible we see a breakout.
If it breaks upwards, near term resistance is from 98.50 - 100.00, and we would expect it to touch this range before retracing downwards a bit, and finally continuing upwards some more.
In this case, I think it's pretty close to 50/50. with a little bias on the bearish side. The best bet is to wait for confirmation before we re-enter any USD pairs.
-Osbetel
Comment:
Nice movement down. Expecting to see 96.00 in a week. And 95.50 within 2 weeks.