USD watching to see if a short term bottom develops here.. if so it could rally until early May - seems unlikely .. but that is how bottoms form
Comment:
Here's an update to the Bottom call made on DXY on April 5. The rally took some time to pick up steam but here we are... Price is now in the Bear Shoulder Channel on the Trend Channel Chart. This is often a point of resistance - watching for resistance and a possible pivot to emerge here.
Comment:
The DXY USDollar's s/t bottoming pattern has developed nicely however for a bull swing to take hold price will need to move and close beyond the Bear shoulder channel shown by the red dotted rail. So technically still a bear trend in a period of consolidation. There's also a possible longer term bearish wedge which is not shown here that looks to be in play which would lengthen and squeeze the consolidation...