Not a financial advisor.
Initially I was under the impression that the DXY was developing an Inverse Head And Shoulders Formation.
But the last day(s), makes me question that assumption.
I am currently looking at:
1) Rejection from the yellow trendline
2) RSI bearish divergence on the 4H and 1D
Awaiting to see how strong the yellow trendline resistance is or
if a break will develop into a bullish momentum.
On the 4H, the Bearish Divergence is clearer:
Initially I was under the impression that the DXY was developing an Inverse Head And Shoulders Formation.
But the last day(s), makes me question that assumption.
I am currently looking at:
1) Rejection from the yellow trendline
2) RSI bearish divergence on the 4H and 1D
Awaiting to see how strong the yellow trendline resistance is or
if a break will develop into a bullish momentum.
On the 4H, the Bearish Divergence is clearer:
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Double bearish divergence:
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DXY needs to create hidden Bullish divergence to create the possibility for higher high:
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Very possible Cup and Handle formation within the flag.
If the C&H plays out, the higher timeframe Inverse Head and Shoulders might break the neckline:
If the C&H plays out, the higher timeframe Inverse Head and Shoulders might break the neckline:
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Awaiting to see the reaction at the support:
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A drop below 92 would represent a lower low.
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CPI Data
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After CPI Data:
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After the CPI data release and analysing the 1D there is the possibility for a RSI bearish divergence.
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In case DXY moves above the 93.3 there is the possibility to reach the Inverse Head and Shoulders target.
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Daily RSI Bearish Divergence seems to be confirmed but looking at the 93 level as the possibility of a higher high on the RSI (meaning that this divergence is no longer valid)
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