DXY: Dollar Bulls Retreat to 103.00

by Justin Bennett  · 

June 8, 2023

by Justin Bennett  · 

June 8, 2023

by Justin Bennett  · 

June 8, 2023

The US Dollar Index (DXY) is breaking below its 103.50 yearly open, signaling a deeper pullback for the dollar.

I’ve written about this level several times, noting how it was a must-hold level for dollar bulls.

However, the 103.00 support area is one to watch.

Not only is it a key horizontal level, but it’s also the bottom of a descending channel from the May 25th low.

Notice how the 103.00 horizontal level and channel support intersect within the next 24-48 hours.

That could be a significant support area for the DXY on Friday.

So if you’re trading major currency pairs like EURUSD, GBPUSD, etc., you’ll want to pay close attention to the area between 102.90 and 103.00.

But a bounce from the 103.00 area wouldn’t mean dollar bulls are out of the woods.

Remember that 103.50 is the yearly open, so a reclaim there on Friday or sometime next week will be essential for the dollar rally to continue.

Otherwise, we could see a continued pullback from the DXY toward 102.20.

Until then, I’ll anticipate a bounce from the 103.00 region.

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  2. These are all Pie in the Sky Scenarios , no proper set ups that one can actually trade . I have been following the channel for a while now and it’s lacking depth . Anyone can write these guesswork scenarios but they are of no use . Real info that one can act on by placing trades is helpful , rest is BS.

    1. Thanks for the feedback. All technical analysis involves guesswork as there are no guarantees, and sharing key technical levels and scenarios is hardly “pie in the sky” stuff.

      I’m not quite sure how the DXY analysis above lacks depth or is unclear. I think it’s pretty self-explanatory when trading pairs like EURUSD, GBPUSD, etc.

      Furthermore, markets have been slow so far this month in anticipation of next week’s events, and there’s nothing I can do about that.

      If you have any questions, I’m here to answer them.


      1. Justin,
        Your not a service offering specific trade set ups. What you are offering is first hand experience and solid technical advise going both ways in a possible trade. Your not sugar coating a damn thing! Keep up the good work.

  3. Great analysis, i really appreciate your effort explaining the little details one might miss or not notice. Good Work

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