Title
DXY, H4 | Potential bounce from key support
Type
Bullish Bounce
Preference:
We're seeing price test a key support level at 103.72 which is an overlap support and a 61.8% Fibonacci retracement. Price might bounce from here and rise to the recent swing high resistance at 104.54.
Alternative scenario:
If price were to break this support level, it might drop to the 1st support at 103.35 which is our 1st support and a 78.6% Fibonacci retracement.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.