DXY remains very bullish since the end of May. However, with the recent price action, the market started to slow down. The index is currently trading within a rising wedge pattern. Signifying the exhaustion, bears are looking for a strong supply area to start pushing.
On focus is 93.3 - 93.5 area. It is a potential reversal zone based on a current year's high.
Let the price reach that area and then look for a bearish breakout of the wedge as the confirmation of a coming bearish rally.
Remember that if the price breaks the underline zone without any hesitation, bullish continuation will be expected on the index.
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On a weekly time frame the bearish sentiment is diminishing.
There is a 5:1 market extreme Long to Short. Institutional money has reduced both long and short contracts for profit taking.
There is lack of price vitality due to an equilibrium in the market.
I presume a high probability DXY will push to the upside for, AUD/USD is depreciating against the Dollar index.
Helical_Trades
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Great one just like always ! Appreciate your great work mate ❤️ Thanks for sharing your outlook 😃
There is a 5:1 market extreme Long to Short. Institutional money has reduced both long and short contracts for profit taking.
There is lack of price vitality due to an equilibrium in the market.
I presume a high probability DXY will push to the upside for, AUD/USD is depreciating against the Dollar index.