DXY is retesting a broken long-term downtrend channel
On the Monthly DXY chart, we can see that the instrument is retesting a previously broken Andrew’s Pitchfork downtrend long-term channel and is bouncing off the support 88-90 zone. A confirmed bounce could lead to an upside reversal above the horizontal resistance 93. For the upside reversal to be invalidated we need to see a confirmed break below 90.
On a Weekly chart, we saw the break below a medium-term uptrend Pitchfork channel. We could see now a retest of this broken channel 95.30 resistance if we get a break above the 93. Look for the long trade entries upon a break above 93 with the stop loss below 92.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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