DXY time to be bullish !?

#DXY #DollarIndex #1hr #Tommy
- DXY is the one of the indexes that many investors and traders are referring to since it affects numerous products such as Bitcoin and Forex, etc.
- Since July, DXY has consistently been pretty bearish lowering highs and lows. However, at this very moment, I personally believe that it is currently at inflection point and thus have prepared TA.
- First of all, pay attention to the blue downward trendline. DXY is about to break this trendline above. Of course, when that happens, we should definitely expect some bullish momentum. Therefore, we must monitor whether DXY can break this trendline.
- For a shorter term, black upward parallel channel should be observed delicately. If this channel is broken below, expect some bearish wave that can occur lower lows.
- Once the blue trendline is broken above and make higher high, the first resistance area that can be expected is the top of the green channel around 93.50~93.70.
- Furthermore, pay attention to the red resistance line around 93.95~94.05. DXY has been resisted by this resistance several time before. Hence if DXY successfully break this resistance above, we should highly anticipate some bullish momentum.
- Last resistance area to be considered is the purple downward trendline which is about 94.30~94.50. This very trendline has been maintained from May so there is a high chance that DXY is going to be resisted by it.
- Personally, I am assuming that DXY will rise once it breaks the blue trendline. This can be interpreted that the many products that are paired by USD such as JPY/USD, GBP/USD, EUR/USD, CAD/USD, AUD/USD and even BTC/USD etc. will be affected bearishly for a while. So for those who regularly trades these products, it is significant to monitor DXY.