DXY Chart Technical Outlook – although the index posted a negative performance, all price action held inside Monday’s range highlighting the lack of downside momentum. The next upside barrier is the 61.8% retracement level located at 104.39. On a shorter timescale, we have a barrage of bespoke support between 103.22 and 103.19. With this being close to the 61.8% pullback level of 103.18, I look to this as a substantial downside barrier.
Correlation – buying dips in DXY suggest selling rallies in Gold.
