US Dollar Index (DXY) rebounded sharply higher off Tuesday’s
79.740 low (near 61.8% of the 78.906/81.020 rise) through a series of daily
lower highs to signal basing and test the 80.261 (200 day MA), 80.335 (20 day
MA) and 80.379 (26 Jun lower high) resistance area. Improving indicators
suggest there is scope for further strength through the resistance zone towards
80.494.
On the downside, below 79.952/79.937 would prolong
consolidation and reopen 79.740. A push below the latter would extend the slide
off 81.020 towards 79.421.
No comments:
Post a Comment