Analysis
-DXY looking bullish after showing signs of a potential reversal. Sellers pushed price down into support but buyers bought it up before the daily candle close.
-The price action resulted in a pinbar setup AT SUPPORT which is a bullish sign for the dollar.
-On the 1H time frame, price probing a minor resistance level and a break to the upside may be followed by more bullish momentum.
-Price is looks like it may be creating an inverse head and shoulders at a market bottom / support zone which also suggests DXY upside, should it breakout.
-USDJPY also looking bullish which further confirms a potential increase in dollar strength.
*Trade safe and at your own discretion!*
-DXY looking bullish after showing signs of a potential reversal. Sellers pushed price down into support but buyers bought it up before the daily candle close.
-The price action resulted in a pinbar setup AT SUPPORT which is a bullish sign for the dollar.
-On the 1H time frame, price probing a minor resistance level and a break to the upside may be followed by more bullish momentum.
-Price is looks like it may be creating an inverse head and shoulders at a market bottom / support zone which also suggests DXY upside, should it breakout.
-USDJPY also looking bullish which further confirms a potential increase in dollar strength.
*Trade safe and at your own discretion!*