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TFC Commodity Trading Forum

U.S.$ Index/Spinning its Wheels at Resistance *PIC*

DX has had a strong straight up rally off its 7 month uptrendline support at 78.75 to price resistance at 81.50 to 82. Lots of congestion at 81 to 82 area to deal with and with this market in very overbought territory DX should typically tread water in this price area. Odds of blowing through 82 anytime soon are slim. Only something dramatic and profound would cause this to occur. DX is likely to just spend time in this one point zone even if it is going higher soon with the uptrend still healthy. Inverse markets should rebound somewhat if this occurs and will rally strongly on a further pullback in DX. DX could pullback to the breakout pt of 80.43 as well and still be in a bullish uptrend. DX is presently very overbought and likely needs to pullback or at least consolidate between 81-82 & then regroup and reload with a fresh supply of ammo before running up and over 82.