DXY – At Risk of Pullback!
DXY has come in contact with another resistance zone in its quest for higher levels. The 105.900 level is upon us, and as shown on the daily chart here, we are on the precipice of a continued breakout or a pullback to the top of the previous bear trend or Daily 200 EMA. RSI is also flirting around the 70 level which adds to the high risk of a long at this stage of the bull run. Better to wait for a pullback before entering a long A short here is also risky and should not be taken until a signal bar has presented itself with the proper follow-through, which we have not seen either.
Price targets for a short after a confirmed rejection of the 105.900 level are 103.500 and 102.700 respectively. These levels, with the proper signal bar and confirmation, are also zones for a H1-long and attempted breakout of the 105.900 levels.
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