DXY has been climbing, almost in a straight line upwards since 22 April
With only 5 red candles since bouncing off the 100.00 level, this is a very strong uptrend.
This strength is due to the market anticipation of FOMC decision to increase rates by 50basis points at the next meeting. Because this scenario is likely to be priced in, look out for possible significant retracement or correction as the DXY climbs higher.
Currently consolidating at 102.40, further upside is possible but likely to be limited by 103
Look for corrections, similiar to 20th April 2022
With only 5 red candles since bouncing off the 100.00 level, this is a very strong uptrend.
This strength is due to the market anticipation of FOMC decision to increase rates by 50basis points at the next meeting. Because this scenario is likely to be priced in, look out for possible significant retracement or correction as the DXY climbs higher.
Currently consolidating at 102.40, further upside is possible but likely to be limited by 103
Look for corrections, similiar to 20th April 2022