DXY Possible Scenario

Hello Everyone,

I just wanted to make a quick update on DXY and wanted to share something i noticed on a daily chart. As you can see, back in February 20, the price made a move similar to March 20 pushed down DXY continuously for days, and finally, after that parabolic arc, DXY had found support, made a trend reversal, and gave a visit to the previous upper resistance levels(Previous highs). Recently, DXY established decent support and has been retesting the closest resistance levels. If DXY manages to break the resistance level with a clear breakout move and manages to close above that area, we might see a similar move happened back in February. However, if DXY closes below the current support level and continues to drop, the accumulation area will probably act as an immediate support area.

All in all, traders should develop their exit/take-profit/stop-loss strategies, in case if DXY manages to break above the resistance levels and possibly retest its previous highs with a strong uptrend move. DXY above 100 could be intense for cryptocurrency markets.