DXY - Rejection Zones! Update!

2022年11月4日

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

As per last week analysis, we were waiting for DXY to approach the upper bound of the orange channel to look for buy setups.

That upper purple circle is a strong zone to look for sell setups as it is the intersection of the blue resistance zone and upper orange trendline. (acting as non-horizontal resistance)

As per my trading style:
Since DXY is already inside the purple circle, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)

In parallel, as DXY approaches the lower purple zone and green support 108 - 109 I will be looking for bullish reversal setups.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich