Weekly market breakdown: DXY analysis

9 มิ.ย. 2019

DXY showed bearish dominance towards the end of last week due to declining NFP results, which led the price to test a key external trendline, however, if the weekly candle closes above the trendline and sustains this level it's likely that price could make a correction towards the anticipated price region of 97.30-97.60 which is supported by the fib level of 50% to 61.8%. fundamental agenda may validate this price behaviour due to trump lifting the tariffs against Mexico goods and services, this could help soften sentiment around the economic uncertainty due to a trade war between the US and China. however long term projections may be bearish due to 98.00 being a key barrier in which candlestick behaviour has shown many weekly rejections around this region suggesting that a more bearish reversal may be imminent.