TradingShot

DXY Approaching the top of a familiar Megaphone.

Short
TVC:DXY   U.S. Dollar Currency Index
The U.S. Dollar Index has been trading within a Bullish Megaphone pattern since late June and is now approaching its Higher Highs trend-line with the 1 year Resistance waiting at 94.750. This is a familiar pattern as the very same sequence has been formed back in June - September 2018. As you see both patterns formed on a 1D Golden Cross (when the 1D MA50 crosses above the 1D MA200). Based on the 1D RSI , it appears that DXY is right at the top of the formation as on August 15 2018, building up a strong pull-back to the bottom of the Megaphone.


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