The beginning of May marked the start of a correction for the DXY, with the index dropping from 106.50 to the 104 support zone.
However, after finding support around 104 and undergoing a few days of consolidation, the much stronger-than-expected NFP data last Friday led to a reversal for the US Dollar, as evidenced by a significant bullish engulfing pattern on our daily chart.
Yesterday, the index also broke above horizontal resistance, and at the time of writing, the price is 105.18.
I expect the uptrend to continue, potentially leading to a new test of the recent high at 106.50.
However, after finding support around 104 and undergoing a few days of consolidation, the much stronger-than-expected NFP data last Friday led to a reversal for the US Dollar, as evidenced by a significant bullish engulfing pattern on our daily chart.
Yesterday, the index also broke above horizontal resistance, and at the time of writing, the price is 105.18.
I expect the uptrend to continue, potentially leading to a new test of the recent high at 106.50.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.