• DXY has closed the weekly below the blue 276 week-long trendline.
• RSI is oversold, and may be forming a double top.
• DXY’s price action this week will probably tell us what’s next.
• Historically, DXY has retested the BMSB when it closes below the 8W SMA (currently at 99.7).
• If DXY closes the weekly below the blue trendline, it is probable that it closes below the 8W SMA next week or the week after.
• If so, then the probability of a retest of the BMSB (currently at 97.6 – 97.9) significantly increases.
• RSI is oversold, and may be forming a double top.
• DXY’s price action this week will probably tell us what’s next.
• Historically, DXY has retested the BMSB when it closes below the 8W SMA (currently at 99.7).
• If DXY closes the weekly below the blue trendline, it is probable that it closes below the 8W SMA next week or the week after.
• If so, then the probability of a retest of the BMSB (currently at 97.6 – 97.9) significantly increases.
Comment:
Wow. This DXY pump has been strong. I've drawn one more trendline from wick to wick. If DXY closes the weekly above the higher trendline, then things will get interesting indeed!
