Michael_Macdonald-XATSUK

Corrective USD DXY bounce before prices turn lower once again

TVC:DXY   U.S. Dollar Index
The USD DXY             Index is extending the bounce from the 99.23 low of 2 February and 99.25, (38.2%) Fibonacci retracement of the 2016-2017 rally.

The 101.00 barrier has been reached, but improving studies suggest a further break.

Next resistance is at the 101.53, (50%) Fibonacci retracement of the January-February fall, but the 101.73 high of 19 January is expected to prove difficult to clear, as the falling Tension Indicator (not shown) keeps sentiment cautious.

In the coming weeks, prices are expected to track lower once again, with a break below 99.12/23 targeting the 98.92, (61.8%) Fibonacci retracement of the November-January rally.

rices need to stabilise above here to keep the broad 2016 rally intact.

If broken, however, sentiment would turn cautious once again, and deeper reactions will be signalled as investors reduce USD exposure.
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