Analyzing DXY's Recent Performance and Future Prospects in Forex

Last week, I expected the US Dollar Index (DXY) to decline to 106.011, a key area of interest, and then bounce. It did indeed bounce strongly, but faced resistance at 106.651. DXY needs to close above 106.651 on daily or 4-hour candles for its rally to continue. Once it does, we can expect DXY to target buy-side liquidity.
However, I would now prefer to see DXY absorb sell-side liquidity today or tomorrow before resuming its upward movement. In the meantime, while DXY consolidates, I believe there may be good opportunities in minor or exotic currency pairs. So, keep an eye on those.
#forextraders #forextrading ##DXY #marketanalysis

Kommentar:

Earlier this week, I encountered some setbacks in trading DXY, resulting in losses for my GU and EU trades. However, on Tuesday, I managed to secure a favorable entry point in GU, and I am currently riding that trade. I'm keeping a close watch on DXY to see how it evolves