Could DXY be following a pattern painted over 2017-2018 ?
To many extents, it could be and if so, a 3% + drop is incoming.
From its over 28% rise in 2017, DXY then retraced back around 10% where it bounced off the 0.5 fib line and rose 3.9%, where it once again got rejected and dropped a further 6.7% to the 382 Fib line, where it bounced slowly and eventually ranged
DXY PA has just risen 28%, Got rejected, Dropped 10% to the 0.5 fib line, and bounced and is currently approx 3.9% above that bounce - IF PA get rejected, it would once again reach the 382 line with a 6.7% drop
Technically, on a Weekly chart, the MACD is turning Bullish, which points towards a rise, eventually.
BUT on a Weekly chart also, we have a very overbought StochRSI, it can range and is created on shorter term timeframes Averages
Lets look at lower timeframes.
On a daily chart RSI is overbought, MACD approaching there, StochRSI been very overbought and ranging since End of Jan - points towards a drop incoming
4 hour MACD turning Bearish from overbought, RSI already dropping but Still above 0 - HOWEVER, on the 4 hour, the StochRSI is very oversold and turning bearish -THIS could lead to support
Overall, I think PA will drop further unless some Fundiementals are brought in by the FED, IMF or any other Banking support group
Only time Will tell
To many extents, it could be and if so, a 3% + drop is incoming.
From its over 28% rise in 2017, DXY then retraced back around 10% where it bounced off the 0.5 fib line and rose 3.9%, where it once again got rejected and dropped a further 6.7% to the 382 Fib line, where it bounced slowly and eventually ranged
DXY PA has just risen 28%, Got rejected, Dropped 10% to the 0.5 fib line, and bounced and is currently approx 3.9% above that bounce - IF PA get rejected, it would once again reach the 382 line with a 6.7% drop
Technically, on a Weekly chart, the MACD is turning Bullish, which points towards a rise, eventually.
BUT on a Weekly chart also, we have a very overbought StochRSI, it can range and is created on shorter term timeframes Averages
Lets look at lower timeframes.
On a daily chart RSI is overbought, MACD approaching there, StochRSI been very overbought and ranging since End of Jan - points towards a drop incoming
4 hour MACD turning Bearish from overbought, RSI already dropping but Still above 0 - HOWEVER, on the 4 hour, the StochRSI is very oversold and turning bearish -THIS could lead to support
Overall, I think PA will drop further unless some Fundiementals are brought in by the FED, IMF or any other Banking support group
Only time Will tell