U.S Dollar Currency Index
I show down trend channel in Montly chart whose resistance line is formed of three points.
Also I can interpret the red rhombus as a reversal pattern - a diamond, the pattern is very rare.
To start, I think we will reach the support line of this rhombus
After a nice push below the trend line to our previously drawn area of support with absolute perfection. We are looking a little choppy now. Going a bit sideways. DXY is at very critical levels right now. We need to keep a close watch on the dollar index. If anything changes I will let you all know.
- USD Index technically still looking bearish with the daily timeframe recently forming a new lower low.
- The USD could retrace back towards the trendline resistance however if the price remains capped at the current levels, we could see the $97.00 level tested.
Regards, GoldfXcc Team
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Classic Fib ABCD patterns and basic channelization rules applies. "...where price interacting with borders and minor lines that serves as a support/resistance. Extra care required when exiting channel...." :) you know.
Following FOMC yesterday, DXY has broken the trend line channel support and now is trading at 97.15 which coincides with horizontal support.
We believe that we assist to a chance of trend and we can expect the index to fall to the next support at 96.00
- Bullish setup (flat top triangle)
- Likely to open with a gap up but looking for pullbacks to enter
- measured move targeting 56619 and gap above around 57165
- MANAGE YOUR RISK -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.