DXY Breakdown for the week of 4/16 w/ @MiFranz
So as we see on the Weekly chart, We are at a VERY important Support. Click the link and zoom out and you will see the bullish flag. Also, its the re-test of the falling wedge (more to come on the daily for that). This is re-test #2 and a possible Higher Low. Also, look below at the RSI. We are either at a divergence opportunity with a double bottom or it will continue to go to the 20-25 OS (Oversold) zone. If we are looking at a double bottom and we go bullish, its a long way up to a new high.
Now we look at the daily. The falling wedge is present w/ re-test AND we are at a double bottom, looks possibly Bullish. Plus the last candle to close is bullish engulfing.
Now we are getting into the execution realm on the 4h and below. I have marked of in a red zone, a FVG (Fair Value gap). Friday's push caused a nice reason to pullback. I expect a bearish opening now so we will see any major bull moves probably starting Tuesday (based on Technicals)We also see the RSI rejected off the 20-25 OS zone which is an interesting sign. It was so strong, it could either go touch 70-75 and continue bearish or pullback for a HL and then go touch OB (Overbought).
Off the 1h, we are now looking for entry. I would look for a very small gap up, and then the drop to go to the FVG.We see the 1h is very OB in the RSI and it needs a LH on it with the drop afterward. Im looking for bearish moves until otherwise.
We can clearly see now on the 15m, the small bull move up (Opening gap), and then the drop coming afterwards (path tool)