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Jun 17, 2023 2:09 PM

DXY Bullish Retracement (Overall Bearish Bias) Long

U.S. Dollar Currency IndexTVC

Description

DXY has been in a bearish trend. After the previous push to the upside price formed a Double Top, which is a candlestick reversal pattern.

Price then broke the neckline of the double top, retested the area meeting resistance and began another sell off to the downside. Ultimately, forming a lower low.

I am now anticipating price to form a double bottom (bullish reversal pattern) on the 1hr-4hr timeframe and begin a bullish retracement that will form then next Lower High.

I believe price may retrace to the 102.9 - 103.16 area before selling off again.


What do you think, please comment below?
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