DXY could be starting a bullish reversal.

The U.S. Dollar Index (DXY) is rebounding aggressively today after holding the 100.815 Support (February 02 Low), on the strongest 4H candle so far in a month. It remains below both the 4H MA50 (blue trend-line) and 4H MA100 (green trend-line), trading inside both a core Channel Down (blue) and a Diverging Channel Down (dotted).

The very same pattern was seen prior to the February 02 Low. The Ichimoku Clouds are identical as well as the RSIs, which after Lower Lows formed a Double Bottom and rebounded. If the price breaks above the top of the Diverging Channel Down, then we will most likely see a rally extension to the 0.618 Fibonacci at 103.950. If rejected, we will resume selling and target 100.450.



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