FxWirePro: USD/ZAR hovers around key support at 14.70 mark, sustained close below requires for downside rally
DXY: Sell on rallies
Trend line resistance- 98.76
DXY has halted its 10- day on winning streak and shown a minor decline from high of 98.37. The index made a low of 97.03 on May 13th 2019 and jumped more than 130 pips from that level. It is currently trading around 97.86.
The near term resistance is around 98.75 (trend line joining 95.15 and 96.79) and any break above will take the index to next level till 99.26/99.75.
The near term support is around 97.68 (20- day MA) and any violation below will drag the index till 97.35/97. Any major weakness only below 97.
It is good to sell on rallies around 98.10-20 with SL around 98.75 for the TP of 97.02.