TradingView
dRends35
Jun 24, 2022 2:28 PM

DXY - Topping? 

TVC:DXY2W
U.S. Dollar Currency IndexTVC

Description

⋅
Lots of high volatility chop here back and forth through resistance.

Its been a big run for DXY and it may go higher but if the chop continues through resistance then this is probably a top.

And to be clear that can become a retracement for another wave higher potentially.

If it does rock back it should get back to the log 0.382 @ $99.

But it could also go much lower depending on whether DXY is hitting a major top or not.

If it does fall likely there will be a stock and crypto rally.

Not advice.
Trend Analysis
Comments
CrashBandicoot99
⋅
Enjoy your posts…assuming bitcoin reaches 25-30k in the coming weeks/months….do you think there is another leg down sub to 10-15k.
dRends35
⋅
@RocketFuel20, Thanks. Quite possibly yes but I'm keeping an open mind.
SpyMasterTrades
⋅
Another great post. Thanks. I agree with the topping pattern analysis. I think inflation is cooling and therefore further rate hikes (than those already priced in) are unlikely, and if anything less rate hikes than are priced in will occur. Therefore, DXY will fall, not breakout. One can always validate this in real-time by tracking the Eurodollar Futures price action.
dRends35
⋅
@spy_master, Thanks and good point.
mdtayloresq
⋅
Top for now probably, just do not see the dxy cool off completely.
dRends35
⋅
@mdtayloresq, Yes quite possibly, but it could perhaps take quite a long time to correct.
More