DXY (USD Index) 4Hour Analysis November 29th, 2020
DXY Short Idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
1Hour Trend: Bearish
Trade scenario 1: Price action continues with this current bearish push. Ideally we want to see a pullback to form structure at our 38.2% fib level first but we could see price action fall straight to our support at 91.500 without a pullback.
Trade scenario 2: For us to consider a significant bullish trend on DXY we need to see a higher low form above our 4hour level at 92.500.
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
1Hour Trend: Bearish
Trade scenario 1: Price action continues with this current bearish push. Ideally we want to see a pullback to form structure at our 38.2% fib level first but we could see price action fall straight to our support at 91.500 without a pullback.
Trade scenario 2: For us to consider a significant bullish trend on DXY we need to see a higher low form above our 4hour level at 92.500.