U.S. Dollar: Bullish Continuation Likely

Published 01/24/2022, 04:37 AM
Updated 03/28/2023, 03:20 AM

Type: Bullish Bounce

Key Levels: Resistance: 95.983, Pivot: 95.532 and Support: 95.413

Preferred Case: US dollar is on bullish momentum and consolidates in a triangle pattern. We see the potential for further bullish continuation towards our intermediate resistance at 95.984 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension.

Breaking the intermediate resistance could find prices going higher towards our 1st resistance at 95.983 in line with 100% Fibonacci extension and 78.6% Fibonacci retracement. Our bullish bias is further supported by prices trading our Ichimoku cloud and the crosses between the conversion and baselines.

Alternative Scenario: Alternatively, prices may dip towards our 1st support at 95.413 in line with 38.2% Fibonacci retracement.DXY 4-hour chart.

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