DXY- What's up with the US Dollar

24 ส.ค. 2023

In my previous DXY analysis, I wrote that, after the false break from mid-July, USD most probably reversed to the upside, and there are clear signs of this:
1. After the false break we have a strong bullish engulfing candle that confirms the old support (green rectangle)
2. Long-tailed Pin Bar candle that confirms the break above the falling trend line (red rectangle)

At this moment, the index is testing a horizontal resistance and yesterday we had a reversal candle.
In my opinion, this candle is not signaling reversal but, in the best case, a minor correction.
This correction should be considered a good chance to search for selling opportunities for USD pairs and my main focus is on EurUsd and AudUsd