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Dec 09 - 12:55 AM

USD: Scope For A Tactical Bounce In DXY Into Year-End; Where Is The Sell Zone? - BofA

By eFXdata  —  Dec 08 - 04:30 PM

Bank of America Global Research likes to sell the USD Index (DXY) on a bounce into year-end.

"We think the US dollar index (DXY) is vulnerable to another technical breakdown and decline in 1H2021. We see potential for a double top pattern to form, present a bearish wave count that favors a retest of the early 2017 lows and observe a double price distribution that could be filled. The now declining 200wk SMA supports our view," BofA notes. 

"Tactically, we can't rule out a bounce into yearend. A rounded base may form at trend line support similar to 2017, 2014, 2011 and 2008. We'd like to to sell into strength should it test the noted sell zone or declining 200wk SMA in the 95s," BofA adds. 

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Source:
BofA Global Research

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