"DXY "
it is my professional opinion that the US market has entered an emotional phase following the recent bankruptcies of two prominent US banks. However, despite this setback, there have been some relatively positive developments in the market over the past month. For instance, we witnessed a decrease in PCE which is a strong indication of a slight decline in inflation. Additionally, there was a small increase in CB consumer price which helped to create more jobs. Upon reflection, the fear of another bank failure or a possible surge in inflation caused a decrease in the dollar index.
From a technical standpoint, the DXY is not completely bearish as the price is still supported by the 0.5 Fibonacci retracement level and a strong demand zone. Until the price loses this crucial support, we cannot conclude that DXY is completely bearish. However, sentimentally, the USD is still bearish, and the DXY price is expected to reach the supply zone before potentially falling to my bearish targets.
"Don't forget to like"
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"Thanks for giving your time to read my article."
it is my professional opinion that the US market has entered an emotional phase following the recent bankruptcies of two prominent US banks. However, despite this setback, there have been some relatively positive developments in the market over the past month. For instance, we witnessed a decrease in PCE which is a strong indication of a slight decline in inflation. Additionally, there was a small increase in CB consumer price which helped to create more jobs. Upon reflection, the fear of another bank failure or a possible surge in inflation caused a decrease in the dollar index.
From a technical standpoint, the DXY is not completely bearish as the price is still supported by the 0.5 Fibonacci retracement level and a strong demand zone. Until the price loses this crucial support, we cannot conclude that DXY is completely bearish. However, sentimentally, the USD is still bearish, and the DXY price is expected to reach the supply zone before potentially falling to my bearish targets.
"Don't forget to like"
.
.
.
.
.
.
"Thanks for giving your time to read my article."
