Blake Morrow’s Chart of The Day – Apr 21st 2021

DXY

After falling out of an ascending wedge, the DXY found support at the 61.8% Fibonacci retracement at the 90.81 level today. One of the main reasons for the bounce in the US Dollar index was that stocks seem to have found near term resistance which in turn is attracting the “safe haven” bid of the US Dollar. This, on combination of the key Fib level, could allow for a bounce back towards the 200dma near the 92.00 level in the coming sessions.