FXHighway
Long

US DollarIndex draws a negative pattern that requires caution

INDEX:DXY   U.S. Dollar Index
111 3 3
Target: 91.00
Risk: 87.35

The Dollar Index             still inside the ascending channel, and stochastic still positive, but we should note that there is a negative technical formation being completing now, the confirmation level at 88.20.

Breaking this level might push the Dollar Index             out of this channel to trade below its support line, especially after holding below the bullish trend line that carries the Index since the end of last October.


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Related Ideas

FXHighway
2 years ago
The neckline is broken, and we should carefully monitor the behavior when reaching 87.35 ...

Holding above this support will keep the trading normal inside the bullish channel, while breaking below it will turn the index to head south
Reply
Pip_Alchemist
2 years ago
Great spot! I saw the same thing...
Reply
FXHighway Pip_Alchemist
2 years ago
Thank you ,,
The index is retesting the broken support now,, negotiating the new resistance formed at 88.75.
Reply
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