Title
DXY H4 | potential bounce off
Type
Bullish Bounce
Preference:
The current price of DXYt is at the pivot point at 101.1288 , which serves as pullback support. However, if the price were to break below this level, it could potentially drop to the 1st support level at 100.5325, which is a significant swing low support level.
Alternative scenario:
On the other hand, if the price reverses, it could potentially rise towards the 1st resistance level located at 101.8406 along with a 50% Fibo retracement
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.