As other CB in the world raise interest rates we will see pullback in the dollar strength.
ECB +75 bps and it is the bigest
We can see formation of raising wedge or hesitation in the DXY just before ECB raised rates. Prior to that. all the pattern are so easily recognizable ever since USA CB started to raise rates.
My current bias is that this is the top for...
TVC:GOLD Looking at the daily and weekly time frame we can clearly see that there is bullish divergence being printed out.
On the monthly we still have some ways to go before the RSI rests and currently is looking pretty bearish for the longer term (6-8) months in the future.
But for the short term we might see some bounce possible back to 1760 or 1800f??
Opinions?
Just technical observation of simple pattern (Inverted Head and Shoulders) in combination with some basic indicators such as:
1. 100 moving average (weekly) - we can see that we found support at 21 Weekly and now possibly retesting at left shoulder on the 100 MA(W)
2. RSI inverted head and shoulders formed on Weekly
3. Volume in relatively low, average in sell...
