Chart of the day

DXY is testing a key medium support of 103. A bounce here is required for an upside continuation. A break below 103 could lead to a downside reversal into 96.

I see this still as a pullback in the long-term fourth wave before a continuation higher in the fifth wave. We need to see a clear confirmed break above 107 in the coming days and weeks to support this count higher. Invalidation will come only upon a confirmed break below 102.

Long trades could be opened here or upon a break above with a stop loss below 102.50. Short trades should be opened in the case of a stop loss and a confirmed break below 102. These are a key resistance/support level so use small sizes and tight stops.