DXY (USD Index) 4hour Analysis June 28th, 2020
DXY Long Idea
All higher timeframes are significantly bullish although we did see a 4hour bearish trend push price action lower toward our monthly support around 96.00
From the monthly support we saw a strong bounce and now price action looks to be forming a 4hour bullish trend which is now in line with the higher timeframes.
For us to confirm a bullish continuation we need to see a break and retest of 97.75
(Trade Path #1)
If we see a reversal at 97.75 we will look for price action to fall lower toward 96.50 and fill this range once again (Trade Path #2)
All higher timeframes are significantly bullish although we did see a 4hour bearish trend push price action lower toward our monthly support around 96.00
From the monthly support we saw a strong bounce and now price action looks to be forming a 4hour bullish trend which is now in line with the higher timeframes.
For us to confirm a bullish continuation we need to see a break and retest of 97.75
(Trade Path #1)
If we see a reversal at 97.75 we will look for price action to fall lower toward 96.50 and fill this range once again (Trade Path #2)
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