What we are looking at in this chart is the technical analysis of where $index might be heading for the upcoming days. Now let us analyze the technical signs first then try to extract a tangible conclusion:
1- We have touched a demand zone that was formed recently during March, 2023
2- After bouncing off a recent high near ~106, a downtrend channel movement was observed. Which was broken a few days ago and today it almost got retested and now the price is showing rejecting off of it
3- A prominent bullish convergence can be seen on our RSI, which is leading us to believe that DXY might go bullish in the upcoming days
4- MACD demonstrated a golden cross in the start of the month but it changes quite often so we will wait to see if we get a golden cross again to further support our claim of bullish ahead for DXY
5- After breaking out of the downtrend channel we have observed the price moving in a wedge consolidatory pattern, DXY golden April will find more support if that wedge gets broken high
These were the technical aspects I could extract off the chart as of now. These indications portray that DXY might turn bullish for the remaining April 2023.
I will publish its targets once it confirms by breaking higher than consolidation zone
Note: The analysis invalidates if the purple demand zone gets breached!
Hint: You may link this analysis to your trades in other instruments like Gold, Silver or any other instrument that gets the impact is the relative strength of USD changes in the market.
Best of luck and happy trading :-)
1- We have touched a demand zone that was formed recently during March, 2023
2- After bouncing off a recent high near ~106, a downtrend channel movement was observed. Which was broken a few days ago and today it almost got retested and now the price is showing rejecting off of it
3- A prominent bullish convergence can be seen on our RSI, which is leading us to believe that DXY might go bullish in the upcoming days
4- MACD demonstrated a golden cross in the start of the month but it changes quite often so we will wait to see if we get a golden cross again to further support our claim of bullish ahead for DXY
5- After breaking out of the downtrend channel we have observed the price moving in a wedge consolidatory pattern, DXY golden April will find more support if that wedge gets broken high
These were the technical aspects I could extract off the chart as of now. These indications portray that DXY might turn bullish for the remaining April 2023.
I will publish its targets once it confirms by breaking higher than consolidation zone
Note: The analysis invalidates if the purple demand zone gets breached!
Hint: You may link this analysis to your trades in other instruments like Gold, Silver or any other instrument that gets the impact is the relative strength of USD changes in the market.
Best of luck and happy trading :-)
Comment:
DXY has officially broken low