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nadavhurwitz

Is the US Dollar turning bullish?

Long
U.S. Dollar Index (TVC:DXY)  
nadavhurwitz  
TVC:DXY   U.S. Dollar Index
Trend Analysis Chart Patterns Technical Indicators DXY dollarindex Bullish Patterns dollarbull Engulfing Candle macddivergence rsi_divergence
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trendanalysis chartpattern indicator dxy dollarindex bullish dollarbull engulfingcandle macddivergence rsi_divergence
DXY

On a weekly chart we see a MACD & RSI divergence.
But that alone is not enough. We need to see a reversal pattern and/or structure breakthrough.

So lets dig deeper:
On a 4H chart we see a double bottom, with the second leg being a bullish engulfing candle.
Moreover, this is accompanied by a MACD & RSI Divergence.
snapshot

We believe that a confirmation of the engulfing candle + a breakout of the downward resistance lines shown in the chart, could possibly lead to a larger positive trend in the USD.

Happy Trading!

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