DXY is showing bullish weakness and could be forming a potential doubletop pattern which is a bearish reversal pattern. I also am spotting bearish divergence.
Ironically assets like bitcoin who usually have an inverse relation to the dxy are putting in Bullish patterns on the same time frame ( falling wedge) with bullish divergence. If that isn't interesting enough, the FOMC is having a meeting tomorrow around 1pm est with regards to interest rates.
Also, I am under the opinion that the dollar is not strong but it is artificially rising because of currencies like the Euro and the Yen deciding still to print.
To conclude, the DXY is at major resistance and could be forming a bearish reversal pattern. If this is confirmed , we will likely see the DXY reverse to the downside.
If you like my idea, please follow for more. I am going to start posting more ideas to come.
Ironically assets like bitcoin who usually have an inverse relation to the dxy are putting in Bullish patterns on the same time frame ( falling wedge) with bullish divergence. If that isn't interesting enough, the FOMC is having a meeting tomorrow around 1pm est with regards to interest rates.
Also, I am under the opinion that the dollar is not strong but it is artificially rising because of currencies like the Euro and the Yen deciding still to print.
To conclude, the DXY is at major resistance and could be forming a bearish reversal pattern. If this is confirmed , we will likely see the DXY reverse to the downside.
If you like my idea, please follow for more. I am going to start posting more ideas to come.