Chart of the day

DXY is bouncing off the downside resistance of 101.830 after the rejection from 104.700. This is the critical downside resistance, and a break below is required for the downside continuation.

This bounce, and especially a break above 104.250, would lead to an upside reversal lower to test 106 and start new waves higher. A confirmed break below would mark the end of the fourth wave and the beginning of the fifth wave lower in the long term to target at least 98.

This is opening a possibility of the two possible trades. Long and Short. You can go long upon a break above 104.340 and short upon a break below 101.750.