DXY Further Downside If 94 Holds
I don't directly trade the DXY CFD with my broker, but it is useful to keep an eye on it to provide further direction for major pairs. Here are the key details I've labelled.
1. DXY pushed up to 94.56, which is just a tad higher than the previous high. However, this failed to sustain. It's almost as if this was a false breakout given that the DXY dropped sharply lower.
2. A new lower low formed. In a way, it invalidated the 94 level that I anticipated holding.
3. This was a bit concerning. Although the DXY did hold below the 94 level, it did not paint a new low. Not too surprising though because this happened near the end of the week. On the open, I'd like to see price make one more test at 94. It would be a good sign if I can see a clean hold below this level.
1. DXY pushed up to 94.56, which is just a tad higher than the previous high. However, this failed to sustain. It's almost as if this was a false breakout given that the DXY dropped sharply lower.
2. A new lower low formed. In a way, it invalidated the 94 level that I anticipated holding.
3. This was a bit concerning. Although the DXY did hold below the 94 level, it did not paint a new low. Not too surprising though because this happened near the end of the week. On the open, I'd like to see price make one more test at 94. It would be a good sign if I can see a clean hold below this level.
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