DXY was trending in Downside From last couple of month . now at current level , it is trading at various support level with formation of Doji Candle at bottom. According to chart pattern analysis, we might see upside in DXY from current level.
With the precious metals down so sharply and the dollar index still under recent highs at 93.99, there is absolutely no evidence that a low is in place. The tight pattern since that recent high suggests a triangle is forming with a terminal thrust lower in the dollar index to form a bottom.
Fx_Trader_ViSa
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@SamSzulc, yeah... very good observation...agree with your thought on Idea..!!
Fx_Trader_ViSa
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@SamSzulc, i think you view is correct but dxy will move upside may be 98 to 99 form triangle with terminal trust lower...that means , you looking in larger time frame...! then you may be correct but i will not agree if you talking about same time frame..! we will see how the dxy perform over month time ..
SamSzulc
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@vivek_samale, I am basing my opinion on a real chart pattern and the picture it portrays. What happens in the future is the business of fortune tellers. The logic that the index will rise to 98-99 making such a large move just under the .618 of the entire fall, not just the last leg, would have to be a large A-B-C counter trend rally, then making new lows under 92.54 is a lot to hope for. If we have a 5 wave rally from lows followed by a 3 wave decline then the low is probably in, then the dollars likely path would be on its way to all-time highs, and there will be ABC counter trend where ever down or up.
Fx_Trader_ViSa
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@SamSzulc, yup i agree...after all its all probability , not certainty . our discuss can go on.. As this chart is weekly chart lets see how price moves in this month and next month ...only later we will get to know who was in right side of trade..what you say??
Fx_Trader_ViSa
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@SamSzulc, Thanks For expressing your view ,i appreciate that... keep discussing in comment section, it is good to know other perspective as well.