DXY US DOLLAR INDEX - Broke support, Next support to keep an eye on
Daily Chart
- Very bearish condition as we have a very negative day yesterday breaking the 80 level / support
- Support is found possibly at a 61.8 retracement level, however strong support is at the 78.6 retracement
Hourly Chart
- Possible bounce could be found at a 61.8 retracement, however could be short lived as it could continue another leg down
- Note - we have NFP one day earlier this week which could possible bring a reversal
Tips -
Always take note of any economical news event on our provided calender below
DXY US Dollar Index - Forecast for the week ending 4th July 2014
- Approaching major support
Daily Chart
- Very bearish price action last week
- We are approaching the 80 level / and support and fib 50 level - It would be ideal to wait for confirmation for a possible reversal to the upside
Hourly Chart
- We are trading below the 50, 100, and 200 Simple Moving Averages - which indicates a possible change of trend (to bearish), however we have strong support coming in
- 80.00 level with Monthly pivot and 50% fib and 127.2 fib ext of last weeks range
Outlook Trade opportunity
While approaching the support, I will be looking for confirmation for reversal signs
Tips -
Always take note of any economical news event on our provided calender below
