Following up to previous analysis, the Dollar Index moved up after the rejection near the median line. Price has retraced to 98.5, but now comes the question of whether this resistance will break.
Failure to break above 98.5 could see a brief dip to 98 before breaking higher. Alternately, if price closes above 98.5, then a test of support is need to validate a sustained move higher.
I've been following the DXY moves for the past few weeks as I believe that a seasonal weakness in the US Dollar is in store. So far, a 2nd test to 100 has failed, that's our first clue. For now, 98.5 is the level to keep an eye on.
Failure to break above 98.5 could see a brief dip to 98 before breaking higher. Alternately, if price closes above 98.5, then a test of support is need to validate a sustained move higher.
I've been following the DXY moves for the past few weeks as I believe that a seasonal weakness in the US Dollar is in store. So far, a 2nd test to 100 has failed, that's our first clue. For now, 98.5 is the level to keep an eye on.
