The US Dollar Index (DXY) is showing a compelling setup on the weekly timeframe! 📈 The price has reached a critical support zone between 99.120 and 94.802. This level also aligns with the lower boundary of a descending channel, adding confluence to this high-probability zone.
🔍 Key Technical Observations:
Bullish Divergence: A clear bullish divergence has formed between the price and the RSI indicator, signaling potential exhaustion of sellers and a possible trend reversal.
Channel Support: The price is testing the lower trendline of the descending channel, a spot where buyers have stepped in before.
Support Zone: The 99.120–94.802 range is a high-value area for accumulation, making it a prime spot for a bounce.
📡 What’s Next?Technically, the DXY looks poised for a bullish reversal. However, global macroeconomic events and fundamental news (like Fed decisions or geopolitical developments) will play a crucial role in confirming this move. Keep an eye on upcoming economic data releases! 📅
What do you think of this setup? Are you bullish on DXY, or waiting for more confirmation? Drop your thoughts below! 👇
🔍 Key Technical Observations:
Bullish Divergence: A clear bullish divergence has formed between the price and the RSI indicator, signaling potential exhaustion of sellers and a possible trend reversal.
Channel Support: The price is testing the lower trendline of the descending channel, a spot where buyers have stepped in before.
Support Zone: The 99.120–94.802 range is a high-value area for accumulation, making it a prime spot for a bounce.
📡 What’s Next?Technically, the DXY looks poised for a bullish reversal. However, global macroeconomic events and fundamental news (like Fed decisions or geopolitical developments) will play a crucial role in confirming this move. Keep an eye on upcoming economic data releases! 📅
What do you think of this setup? Are you bullish on DXY, or waiting for more confirmation? Drop your thoughts below! 👇
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.