DXY finally BEARISH?? Relief for crypto and stocks??
So the DXY has been parabolic in recent months showing no weakness at any point, annihilating all other assets, until now?
Simple point of view:
- The DXY has not made a lower high on the daily timeframe since the start of its bull run around 2 YEARS AGO and it is currently working on one.
- To confirm this lower high it would have to break the support line marked 1 and break 110 to make a lower low.
- After that, we would look for a test of the 2 trendline with a break suggesting a test of the 3rd.
My point of view is that we will stall for a few weeks coming down to the 2nd trendline and possibly the 3rd. But in the long run, the DXY is still looking to go to around 120 at the least so if trading against it one should be very cautious.
I will update with a long trade on the GBP and EURUSD pairs should the DXY look weaker.
Simple point of view:
- The DXY has not made a lower high on the daily timeframe since the start of its bull run around 2 YEARS AGO and it is currently working on one.
- To confirm this lower high it would have to break the support line marked 1 and break 110 to make a lower low.
- After that, we would look for a test of the 2 trendline with a break suggesting a test of the 3rd.
My point of view is that we will stall for a few weeks coming down to the 2nd trendline and possibly the 3rd. But in the long run, the DXY is still looking to go to around 120 at the least so if trading against it one should be very cautious.
I will update with a long trade on the GBP and EURUSD pairs should the DXY look weaker.
