Can the US DOLLAR $DXY regain strength?

20 Jul 2023

DXY is popping again. Thought it was dead as many were calling. 2nd time, May was last time, we've called a pop while others stated it was going lower.

Anyway, can the US #dollar REGAIN that MAJOR SUPPORT? = Blue line.

The Greenback, historically, has come back from breaking major support BUT more often than not it doesn't do well afterwards.

Red Arrows show episodes where it couldn't break above major resistance (Blue Line).

Only two times did it bounce decently after breaking ABOVE. However, those two times it ended up giving it back again.

Final:
(This analysis is after a decent LONG TERM selloff and not recent breaks)
The Dollar also doesn't trade above that blue line on the first try. It tends to slowly break through. Just bringing this up as this is not currently the case, this is a FRESH break of support.

#currency #gold #btc #silver