DXY Index, Triangle-Formation, Bullish Breakout More Likely!

Hello,

Welcome to this analysis about the DXY US-Dollar Currency Index and the 4-hour timeframe perspectives. The index on the more global terms in recent times initially increased with bullishness and is now forming an important formation as I discovered. When looking at my chart we can watch there how the Index is forming this main symmetrical-triangle-formation marked with the boundaries in black. In this formation the index has a coherent wave-count with the waves A to C already completed and now setting up to form the wave D on which the wave E follows that completes the whole wave-count and therefore also the triangle-formation in the best-case-scenario. As for now the index is staying above the 45-EMA in red and is building up above it with the wave-count and simultan triangle a bullish breakout to the upside currently has a higher possibility by 65% than the bearish breakout. Nevertheless, it is important to wait for the final confirmation which will happen once the Index formed the breakout above either boundary. When the more likely bullish scenario settles it will activate the 95.2 level as a target-zone, once this is reached the situation needs to be elevated anew, it will be an interesting development ahead.

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Comment:

ANALYSIS UPDATE: The DXY completed the triangle breakout to emerge with an increased volatility development accelerating into the final target zones.