Title
DXY H4| Bounced off from 1st support

Type
Bullish Bounce

Preference:
Price has bounced off from our pivot point at 101.6207, which is multiple swing low support along with 78.6% Fibo retracement. If price were to reverse from here, it could potentially push up to the 1st resistance at 102.6303, which is a swing high resistance

Alternative scenario:
However, if the price were to break below the pivot, it could drop down to 1st support at 100.5231. On the other hand, there is a bullish divergence in the RSI, indicating that the price might reverse soon

To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.