DXY: Ready to roar?
The choppy trend higher in the dollar has been a slow one and tested the patience of even the veteran trader. The last two weeks have given us some bearish price action on the index but, this has to lead us into a major support level seen at 98.00/98.25 on the weekly and daily time frames.
As I've highlighted before, the dollar, in my opinion, is a double edge sword, trade optimism and every pile into the best currency around, trade uncertainty and traders seek shelter and safety in the dollar as well...win-win.
Technically speaking we are at a major support level as highlighted above and trend-line support as well. On the flip side, EURUSD has gone into some big resistance at 1.1025/1.1050 adding confluences to our trade idea. The 1.1050 region also falls into our golden region for our fib zone.
A push higher above 1.1050 and a daily closure would negate this trade, daily chart below for the DXY....