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TradingShot
Aug 26, 2022 12:32 PM

DXY critical test on the multi-year pivot. Huge sell ahead? Short

U.S. Dollar Currency IndexTVC

Description

The U.S. Dollar Index (DXY) hit last month a Pivot trend-line (2) and so far is unable to break it. This pivot has started as a Support back in August 1992 and then turned into a Resistance since May 2004 and has been such up to this date.

As you see, the very same pattern with a Pivot trend-line (1), had a similar effect on the multi-year trend from October 1978 to June 2001, which seems to be a similar point to where we are at today.

See how every such rejection on the Pivot as a Resistance has been brutal and the sell-off have been very quick and strong. If that is the case this time too, we should be expecting now a rejection and a massive pull-back to the 1W MA200 (orange trend-line) at least, within 2023.



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Comments
Sophiaelias
You still see this picture after today’s speech?
yunzhou
@Sophiaelias, all the event/info/data to be abosrbed by the chart , u will not ask this if u know the bottom logic
elversatiltav
It will break that line and continue going up. Might have a small retracement, just to find more buy orders and continue getting new higher highs this same year 2022.
JoeChampion
Do you consider news too?
ChartMeNot
what's the red and green band
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