Title
DXY, H4 | Potential reversal from key resistance
Type
Bearish Reversal
Preference:
Price is testing our pivot at 104.22 which is an overlap resistance. Reversing from here could see it drop to our 1st support at 103.45 which lines up with our 38.2% Fibonacci retracement.
It’s worth noting that price has recently broken our ascending support-turned-resistrance trend line suggesting a possible change in momentum from bullish to bearish.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.