• Vasily Trader

DXY (Dollar Index): Year's High & Potential Reversal Zone

Hey traders,

DXY remains very bullish since the end of May.

However, with the recent price action, the market started to slow down.

The index is currently trading within a rising wedge pattern.

Signifying the exhaustion, bears are looking for a strong supply area to start pushing.

On focus is 93.3 - 93.5 area.

It is a potential reversal zone based on a current year's high.

Let the price reach that area and then look for a bearish breakout of the wedge as

the confirmation of a coming bearish rally.

Remember that if the price breaks the underline zone without any hesitation,

bullish continuation will be expected on the index.