DXY Bearish Reversal in Play: Eyeing 97.596 Target After ResistaPotential Head and Shoulders or Double Top Formation:
The blue curved line and the shaded “SUPPORT” zone at the top suggest a reversal pattern.
The large blue arrow indicates a bearish projection after failing to break the resistance zone (~99.200).
📊 Key Indicators:
EMAs (Exponential Moving Averages):
50 EMA (Red): 98.727
200 EMA (Blue): 98.659
Price is currently above both EMAs, which typically signals bullish momentum in the short term, but the drawn pattern suggests a pending reversal.
RSI (Relative Strength Index):
Current values: ~53.43 (RSI), ~47.67 (Signal line)
RSI is near the midpoint (50), indicating no strong momentum in either direction yet, but possibly setting up for a decline if it moves below 50.
🟪 Resistance Zone:
Highlighted in purple: ~99.100–99.250.
The price has tested this area and failed to break it, indicating strong selling pressure.
🔻 Bearish Outlook:
The large blue arrow suggests a drop toward the "CONFIRM TARGET POINT" at 97.596.
Breakdown below the black horizontal support line would confirm the bearish move.
📉 Conclusion:
This chart analysis suggests a bearish reversal is likely, supported by:
A resistance rejection at ~99.2
Formation of a reversal pattern
EMA convergence (potential crossover if trend continues)
Neutral RSI with a potential bearish divergence
⚠️ Watch For:
Confirmation with a break below 98.400 and especially the support line at ~97.596.
RSI dropping below 50.
EMA crossover (50 EMA crossing below 200 EMA) would strengthen the bearish case.
