Looking at the DXY, it seems as if there is a W pattern that is on the midst of finishing backdated to September 28th. Looks like on the daily, a small double top has been formed since the most recent crossover on the MacD. We are at a high right now and price wicked off of the 94.598 area from November 5th. The RSI on this time frame is in an overbought area and there is a cross down happening with the Mac D losing momentum. The last time the Mac D was on the low side before the current crossover, price went as low as 91.29. I expect price to retrace up to at least 38% to 61% of the previous low on this daily timeframe. The last time there was a previous low on the Mac D was back in May where price retraced 38% once it reached a new high for time being. I'm looking for a historical pattern here given this information. The US still has a negative trade balance. I know the economy is slowly recovering but this is opinionated as we are still dealing with obstacles within our own country. The dollar gets weaker over time regardless of any strength. I'm still learning economics but I'm banking on the trade imbalance, COVID, and the historical pattern to judge the movement I'm looking for.
Good Luck!
Not Advice!
Good Luck!
Not Advice!