DXY:The market remains under intense pressure with the price dropping to yet another fresh yearly and multi-month low below 73.00 thus far. However, with daily studies tracking oversold, we are not sure how much further setbacks can extend before a necessary corrective rebound, and as such, we would be on the lookout for such a reversal. Monday’s price action is already showing potential, with the market setting up for a bullish outside day formation. A daily close above 73.05 will confirm.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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