DXY has posted a weekly bullish engulfing bar, but also a Demark 9 Sequential sell set-up. I would sell this back below the weekly bull candle at 93. The Feds are hiking rates - rate hikes are yield increases. Yield up, prices down. This is nothing more than summer bear flag!!
This is something for all you technical analysts to debate on. Would you class this as a fat version of a Tri-star formation? Why I am saying "fat" is because the bodies are a bit too big and the formation has appeared slightly after a different sequence. Nonetheless, I am keeping this in my head.
What I was trying to say is, that this looks like a Bullish ...
It is very likely it will test the resistance at 94 and potentially, break through it. If the break will happen this week but it won't shoot up too much, then next week could have some more action. But then again, stay sharp.
Aiming for 95 and then 96.
I think the strength could come from the Euro weakness. Especially, if the EURUSD is forming a ...
We have observing this down slide of the US Dollar and how other currencies have risen against it. But has the time come already or we will still see some moves to the downside?
Well, only Trump knows =)
I mean, we should have expected a drop in the US Dollar after he came to power. All those promises of increasing US manufacturing and creating more jobs have ...
Overall bullish strength indicates long trades are in favour, price is slowing up around the 38.2 fib line which is in accordance with the bullish trendline. If price breaks the weekly resistance at 100.47, we could see a strong move up to the 103.7 area and even higher.
As the range is broken, we sill most likely see the DXY hit the target zone between 105.41 to 105.79.
A pull back shoul be considered going further down to 50% of the range before finally going back up to the target zone.
Excerpts from Chair Janet Yellen Speech At The Executives' Club of Chicago, Chicago, ...