DXY: US Dollar Index looks bound to pick up

INDEX:DXY   U.S. Dollar Index
304 7 1
Price is now lying in a critical area between resistance/support lines.

RSI is giving a strong signal to buy, as evidenced by previous levels, while also completing a bullish AB=CD pattern.

Price will either consolidate for a while hugging the touchline, before rallying up (PURPLE), or go bullish for the upper channel line, retrace, then rally on the break (RED).

Rally is set to complete near previous resistance levels, also forming a bearish shark pattern, where price should head south on it's completion.
3 years ago
still trotting along the support line, but lower and lower... everyone sees it going further down. do you know what that means?
RedStaR sunny
3 years ago
We still have support levels at 78.6 and 78.0

If it breaks the 78 price quote, expect to see a very bearish dollar on the foreign exchange and DXY.

On the other hand, we see that S&P 500 has hit global highs, and is expected to reverse very soon, since both of these indexes are almost negatively correlated, then I'd expect DXY to finish the dip around 78.6 at the least, before reversing to the 84 levels.

This is all assuming typical technical analysis, holding other economic and fundamental conditions constant.
sunny RedStaR
3 years ago
Thanks for your thoughts
kamukak RedStaR
3 years ago
Great charts, cmon man open a twitter a/c so we can chat
RedStaR kamukak
3 years ago
Unfortunately, I'm quite busy in my personal life with issues other than trading.

I'm still studying and refining techniques on technical analysis, this might be a good idea once I finally start trading live.

In the mean time, I'd be lucky to post charts on TV.

kamukak RedStaR
3 years ago
Keep posting, Great analysis, You are helping a lot of people including me! Thanks again
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