DXY Dollar Index Medium Term Target 92.40 now Reacheded
DXY Dollar Index Done for Now
The dollar has finally reached the exact medium term target
at the 94.20 level and has since started to retreat. As so often
repeated here, DXY is still the best confirming signal we have
across most dollar pairs. At this point all dollar pair longs
should have been closed out.
DXY should now enter a period of consolidation which should
take it back to the 93.36-93.12 range.
It must then hold at 93.12 to avoid further weakness back to
the 92.55-92.25 range.
Returning to the upside, DXY has to break above 94.20 to
trigger any further near term dollar strength up to 95.15.
The dollar has finally reached the exact medium term target
at the 94.20 level and has since started to retreat. As so often
repeated here, DXY is still the best confirming signal we have
across most dollar pairs. At this point all dollar pair longs
should have been closed out.
DXY should now enter a period of consolidation which should
take it back to the 93.36-93.12 range.
It must then hold at 93.12 to avoid further weakness back to
the 92.55-92.25 range.
Returning to the upside, DXY has to break above 94.20 to
trigger any further near term dollar strength up to 95.15.
Wrong! For the record the high on DXY was actually 94.18, 2 pips shy of intended target. Doh.