DXY approaching support, potential for bounce!

14 Mar 2018

DXY approaching support at 89.52 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where a potential bounce could happen, pushing price up to its 1st resistance at 90.34 (61.8% Fibonacci extension, horizontal swing high resistance). If price breaks past this point, it could rise to its 2nd resistance at 90.99 (61.8% Fibonacci extension, 100% Fibonacci extension, L T 61.8% Fibonacci extension, 61.8% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal overlap resistance). We have also identified another support at 88.27 (horizontal swing low support) and a 3rd resistance at 91.75 (50% Fibonacci retracement, 78.6% Fibonacci retracement).

Stochastic (21, 5, 3) shows it approaching support where a corresponding reaction could occur.