To receive analysis directly via email, please SIGN UP HERE
Talking Points:
DXY Technical Strategy: Bullish
Support: 95.37, 95.06, 94.84
Resistance: 96.55, 97.33, 98.01
DXY can continue trading in consolidation. Break of resistance of 96.55 will challenge next resistance level at 97.33 while break of support of 95.37 will find support near 95...
Not often seen published at TV, I think this DXY 240m is a "text book" example of the harmonic 5 - 0 pattern
rules from SC Harmonic Trader
Basic 5-0 Requirements
The pattern incorporates 5 points within the structure (X, A, B, C, D), the starting point of the structure (0) can be the beginning of any extended price move. However, the initial point X must...
Potential Flag patterns forming on the DXY and the USD/CAD. There is a similar Bearish Flag forming on the EUR/USD close to TL Support. Don't know if the pattern will break going into the Long Weekend in the US but could be a setup for next week
DXY in uptrend from mid July 14. On 13th April 15 market fails to make new highs ( failure test, resistance of the prior high, 100.39 holds) and begins to form a double top reversal pattern, which was confirmed when market traded below 96.17 on 28th April. The market continued to sell of to trendline support ( see trend line on chart ) forming low of 94.39 on...
I'll mark myself down as long more as a technicality then a true conviction. In my opinion the charting suggest this is bullish, but I like to interpret our break through the multi-decade wedge resistance as a critical point (yet to indicate a particular direction). Despite every suit on CNBC calling the fall of the dollar, I would argue on a historical basis were...
