We have respected this descending trend line 11 times since 2021
Since April 2021 we have respected this trend line 11 times.
In the past days we couldn't manage to get above it and we turned it back into resistance.
11 times is a considerable number to expect some more serious resistance so seeing rejection didn't surprise me.
In my opinion we won't be able to get above it unless we see DXY correct from current levels to at least 105. Just to show some weakness, not even an actual change in daily trend.
It's key to keep an eye on CPI and inflation, in fact all of them correlated enough by now.
In the past days we couldn't manage to get above it and we turned it back into resistance.
11 times is a considerable number to expect some more serious resistance so seeing rejection didn't surprise me.
In my opinion we won't be able to get above it unless we see DXY correct from current levels to at least 105. Just to show some weakness, not even an actual change in daily trend.
It's key to keep an eye on CPI and inflation, in fact all of them correlated enough by now.
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