Dollar Index DXY: Pull back due but long term bull trend intact

DXY has been trading inside a very strong 1D uptrend (RSI = 71.713, MACD = 0.440, ADX = 48.457, Highs/Lows = 0.4165) since the December 2019 bottom, almost turning overbought. The dominant trend on the long term (1W, 1M chart) is still bullish as the Dollar Index has been within a Channel Up since May 2018.

However the price is now close to a symmetrical Higher High and Resistance zone which in July maxed at +3.20%. If the same patterns is repeated then expect a short/ medium term pull back towards the 1D MA200/50. Our Target Zone is 98.20 - 97.70.

Previous successful trade on DXY:





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