DXY Update|Descending Broadening Wedge|Swing High|Daily S/R| PAEvening Traders,
Second update – DXY – likely to rise if the immediate swing high gets taken out.
Points to consider,
- Descending broadening wedge (break)
- 21 DMA local support
- Daily S/R confluence (.618 Fibonacci)
- Swing high immediate target
The DXY has broken out of its clear descending broadening wedge. Price action has confirmed support on the 21 DMA, this allows us to have a bullish bias on the market.
The Daily S/R region is likely to be tested if the immediate swing high gets taken out.
Price Action is currently bullish so it’s important to take it into consideration when trading other markets.
Hope this analysis helps!
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And remember,
“Genuine acceptance that there will be losses on your way to market success will greatly decrease the hurt when they eventually come.”
