08 May 2026
๐ DOLLAR INDEX (DXY) UNDER PRESSURE ๐
The recent rally attempt on the Dollar Index is showing signs of weakness as price continues pulling back from the 98.25 resistance zone.
๐ง Current market structure suggests two possible scenarios:
โก๏ธ A triangle continuation pattern
โก๏ธ Or an ending diagonal formation
โ ๏ธ Both scenarios still favor further downside after any short-term rebound.
๐ Key Levels to Watch:
๐น Support Zone: 97.30
๐น Resistance Zone: 98.00 (trendline resistance from April 30 highs)
๐ก Market Insight:
As long as DXY struggles below resistance, bearish pressure may continue โ which could support strength in assets like GOLD ๐๐ฅ
โก Traders should watch for rejection signals near 98.00 before the next move develops.