Short term trend - Bullish
Major resistance- 94.60 ( trend line joining 95.90 and 95.64)
Major support – 94 (4H Kijun-Sen)
US dollar index has broken major trend line resistance at 94.60 and jumped till 94.72. It is currently trading at 94.71.
Short term trend is bullish as long as support 94 holds. On the lower side any break below 94.50 (90 4H EMA) will drag the index down till 94.25/94. Extreme weakness can be seen only below 93.40.
On the higher side any violation above 94.60 will take the DXY to next immediate resistance 95/95.50/96.
It is good to buy at dips around 94.75 with SL around 94.25 for the TP of 95.50/96
Major resistance- 94.60 ( trend line joining 95.90 and 95.64)
Major support – 94 (4H Kijun-Sen)
US dollar index has broken major trend line resistance at 94.60 and jumped till 94.72. It is currently trading at 94.71.
Short term trend is bullish as long as support 94 holds. On the lower side any break below 94.50 (90 4H EMA) will drag the index down till 94.25/94. Extreme weakness can be seen only below 93.40.
On the higher side any violation above 94.60 will take the DXY to next immediate resistance 95/95.50/96.
It is good to buy at dips around 94.75 with SL around 94.25 for the TP of 95.50/96