DXY reversed nicely off its resistance, potential to drop more!

18 apr 2018

DXY reversed nicely off its resistance at 89.67 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it could potentially fall to its support at 89.24 (61.8% Fibonacci extension x2, 78.6% Fibonacci retracement, horizontal swing low support). We have also identified another stop loss at 89.86 (100% Fibonacci extension).
Stochastic (89, 5, 3) reversed off its resistance at 97% where it has a lot of corresponding downside potential.