Today, we are looking at the Dollar Index (DXY) from Monthly to Daily.
MONTHLY :
Strategically bullish, supported Under by a double bottom pattern (@0.892090), trigger level confirmed for
a technical target of 97.67 !
September, end of the month closing @ 94.24, above the MBB = positive signal
WEEKLY :
Double bottom clearly identified, followed by a gradual recovery supported by firstly
the uptrend line and by the Mid Bollinger Band too.
Currently above TS but still inside of the clouds and the Lagging line still below the clouds
Therefore, in this time frame, in order to confirm further upside, we need to see :
1) Breakout of the clouds resistance area, currently around 95.00
2) Confirmation by the Lagging line cross over above the clouds too
Such kind of price action would open the door for 96.10 (50 % Fib retracement) ahead of 97.72 (61.8%
Fibonacci retracement and also the double bottom technical target previously mentioned on M1 comment.
Warning :
Last price action triggered a "Doji" pattern which, for the time being is not a trend reversal signal yet but this should be
watch at very carefully
DAILY :
Ascending broadening wedge price action in progress which is usually BEARISH !
Watch carefully upcoming day (s) price action, as a failure to hold above TS would be the first signal of a short term reversal (tactically) which would be
confirmed by a breakout of the Mid Bollinger Band, currently @ 93.50 (of course on a daily closing basis !)
Monitor also closely the price action through the technical indicators which will allow you to detect early potential reversal signal (s) such as for example bearish divergence !
As usual, watch also closely shorter time frames to get intermediate clues for further direction.
Ironman8848
MONTHLY :
Strategically bullish, supported Under by a double bottom pattern (@0.892090), trigger level confirmed for
a technical target of 97.67 !
September, end of the month closing @ 94.24, above the MBB = positive signal
WEEKLY :
Double bottom clearly identified, followed by a gradual recovery supported by firstly
the uptrend line and by the Mid Bollinger Band too.
Currently above TS but still inside of the clouds and the Lagging line still below the clouds
Therefore, in this time frame, in order to confirm further upside, we need to see :
1) Breakout of the clouds resistance area, currently around 95.00
2) Confirmation by the Lagging line cross over above the clouds too
Such kind of price action would open the door for 96.10 (50 % Fib retracement) ahead of 97.72 (61.8%
Fibonacci retracement and also the double bottom technical target previously mentioned on M1 comment.
Warning :
Last price action triggered a "Doji" pattern which, for the time being is not a trend reversal signal yet but this should be
watch at very carefully
DAILY :
Ascending broadening wedge price action in progress which is usually BEARISH !
Watch carefully upcoming day (s) price action, as a failure to hold above TS would be the first signal of a short term reversal (tactically) which would be
confirmed by a breakout of the Mid Bollinger Band, currently @ 93.50 (of course on a daily closing basis !)
Monitor also closely the price action through the technical indicators which will allow you to detect early potential reversal signal (s) such as for example bearish divergence !
As usual, watch also closely shorter time frames to get intermediate clues for further direction.
Ironman8848