DXY Potential for Bearish continuation| 1st August 2022
On the H4, prices have broken the ascending trend into a bearish biased trend. Prices have been strong in its bearish momentum, still respecting the Ichimoku cloud. Buy entry at 105.657, 61.8% Fibonacci retracement. If price were to break this support level, it will pullback further to test at 78.6% Fibonacci level and we will take profit at 104.879. Alternatively, price could bounce back, stop loss will be at 106.864
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.