Since FED started to raise interest rates I decided do not share any TA here… Raising interest rates bullish for U.S. dollar - bearish for our Crypto world!
Im watching more close DXY since I saw an article ”Saudi Arabia requests to join BRICS”
As we can see on the monthly chart DXY was moving inside of rising parallel channel since 2008 and since 2021 the DXY has been experiencing a parabolic rise. Currently, we see that the DXY has reached another area of resistance in the 114 range (which is 161.80% fib level and upper line of rising parallel channel) the next major area of resistance is only at 120 (black line). This resistance is marked by the macro peak of early 2002.
Guess what?! since BRICS news came out, our magic parabola support line has been broken(blue line).
Why will it affect to U.S dollar? Because Russian President Vladimir Putin announced that the BRICS economies plan to issue a “new global reserve currency.” If Saudi Arabia joins BRICS, it will be another strategic blow to the American Empire. BRICS can launch a democratic and commodity-backed global currency to challenge the U.S. dollar.
On the other hand we all know FED won’t raise interest rates forever. What will happen when FED pivots and drops interest rates as England just did? Will U.S. dollar follow English Pound Sterling? I believe it will.
Are we close to bottom? No one knows! Everyone is expecting 14k-9k as a bottom, even lower. Let me remind you, last time these “everyone” were expecting final pump to 100k with so much confidence!
Not financial advice!
Im watching more close DXY since I saw an article ”Saudi Arabia requests to join BRICS”
As we can see on the monthly chart DXY was moving inside of rising parallel channel since 2008 and since 2021 the DXY has been experiencing a parabolic rise. Currently, we see that the DXY has reached another area of resistance in the 114 range (which is 161.80% fib level and upper line of rising parallel channel) the next major area of resistance is only at 120 (black line). This resistance is marked by the macro peak of early 2002.
Guess what?! since BRICS news came out, our magic parabola support line has been broken(blue line).
Why will it affect to U.S dollar? Because Russian President Vladimir Putin announced that the BRICS economies plan to issue a “new global reserve currency.” If Saudi Arabia joins BRICS, it will be another strategic blow to the American Empire. BRICS can launch a democratic and commodity-backed global currency to challenge the U.S. dollar.
On the other hand we all know FED won’t raise interest rates forever. What will happen when FED pivots and drops interest rates as England just did? Will U.S. dollar follow English Pound Sterling? I believe it will.
Are we close to bottom? No one knows! Everyone is expecting 14k-9k as a bottom, even lower. Let me remind you, last time these “everyone” were expecting final pump to 100k with so much confidence!
Not financial advice!