DXY blasted its further breath in the last few hours and managed to break the 93.18 level which was deemed to be a level that many considers a reversal/head & shoulders/correction were needed.
The end of the US session left DXY with nearly no wick on the highs of literally on most time frames last candle - telling all US pairs that "I'm not done yet"....
Looking into the RSI, it's close but not yet reaching to over bought level.
Given the fact it's successfully broken through the historical key resistance level around 93.180, I expect a quick retest (because current price is not far away), and then decide which direction to move on. For the moment, I am surely bias it will continue going further up.
93.430 is another immediate level of resistance, if it breaks, undoubtedly it will revisit 93.726 and this time if it does revisit, I expect it to break it too and move up above the mini uptrend channel (within the weekly uptrend channel)
Another reversal scenario: considering the rising wedge (to be confirmed in the next moves), it may possibly change the tone and go downward, I'm bias on bullish dollar, just be aware of its possibility.
Next week may as well just be consolidation week, you never know.
Note: I do not trade DXY but use it heavily for analysis of other pairs.
The end of the US session left DXY with nearly no wick on the highs of literally on most time frames last candle - telling all US pairs that "I'm not done yet"....
Looking into the RSI, it's close but not yet reaching to over bought level.
Given the fact it's successfully broken through the historical key resistance level around 93.180, I expect a quick retest (because current price is not far away), and then decide which direction to move on. For the moment, I am surely bias it will continue going further up.
93.430 is another immediate level of resistance, if it breaks, undoubtedly it will revisit 93.726 and this time if it does revisit, I expect it to break it too and move up above the mini uptrend channel (within the weekly uptrend channel)
Another reversal scenario: considering the rising wedge (to be confirmed in the next moves), it may possibly change the tone and go downward, I'm bias on bullish dollar, just be aware of its possibility.
Next week may as well just be consolidation week, you never know.
Note: I do not trade DXY but use it heavily for analysis of other pairs.
