USD Index, Develops Triangle, Bearish-Breakout More Likely!

Hello Traders Investors And Community,

Welcome to this analysis about the DXY also known as USD Index, we are looking at the daily timeframe perspectives. The index recently has shown up with some interesting developments as after the downside price-action the index managed to hold the level above 89.50 and as I discovered now is forming this preliminary triangle-formation above this zone. The triangle has also a coherent wave-count within with the waves A to C almost already completed and as the index now approaches the upper-boundary in which still strong resistances is lying also combined with the 200-EMA resistance this is likely an origin for the wave D to the downside which will move into the lower-boundary from where the wave E then will move on and mainly complete the whole wave-count within the triangle. After this is done the final confirmations will show up and for now, it has to be marked that the bearish breakout has a higher possibility by 65% compared to the bullish one with a 35%. Nevertheless, it is necessary to wait for the final confirmations with either the bullish breakout above the upper boundary or the bearish below the lower before rushing into final conclusions.

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Information provided is only educational and should not be used to take action in the markets.