DXY has broken below a key support zone, indicating a potential shift in momentum. The price is now retesting this zone, which previously acted as support and could serve as resistance, aligning with a potential bearish continuation.If sellers confirm resistance at this level, the price is likely to decline further toward the 105.800 target, which aligns with a major support level. Conversely, a breakout above the zone could signal further upside.
Before considering short positions, look for bearish confirmation signals such as bearish engulfing candles, strong wicks rejecting the resistance zone, or increased selling volume.
Just my take on support and resistance zones—not financial advice. Always confirm your setups and trade with solid risk management.
Best of luck!
Trade active
Note
Trade is going well, I moved my SL to BE just in case it comes back.
Trade closed: target reached
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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.