- DXY looks to be forming a bear flag just under the 97.00 Psychological level after yesterdays bearish day
- This pattern is inherently bearish and is comprised of two upwards sloping parallel trend-lines, acting as support/resistance
- Even though this pattern is bearish, the NFP (Non-Farm-Payrolls) are being released later on today ( 13:30 GMT )
- NFP usually (not so much recently) causes extreme volatility in Gold/silver and other US pairs
- Therefore trade with caution around the release of this data set as price could equally spike upwards depending on the result
- We would need to see a clear breakdown of the lower ascending trend-line support in order to justify shorting this index
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- This pattern is inherently bearish and is comprised of two upwards sloping parallel trend-lines, acting as support/resistance
- Even though this pattern is bearish, the NFP (Non-Farm-Payrolls) are being released later on today ( 13:30 GMT )
- NFP usually (not so much recently) causes extreme volatility in Gold/silver and other US pairs
- Therefore trade with caution around the release of this data set as price could equally spike upwards depending on the result
- We would need to see a clear breakdown of the lower ascending trend-line support in order to justify shorting this index
THIS IS NOT TRADE ADVICE NOR A TRADE CALL