The Dollar is Still Bearish
A lot of folks are in belief that the DXY has turned bullish. When zooming out on the monthly one can see that the bears are still firmly in control.
3 bearish indicators on the monthly illustrate this:
1) Breaking of an upward sloping demand line to the downside exactly one year ago.
2) A large, bearish head and shoulders-type pattern that broke its neckline when breaking the critical demand line mentioned in #1
3) A new, bearish downward sloping supply line currently rejecting the DXY as it has been doing since first breaking the neckline/supply line mentioned in #1 and #2.
In conclusion, a break and close below 88.42 would be checkmate for the DXY bulls, which could mean very bullish things for stocks, gold and cryptocurrencies.
3 bearish indicators on the monthly illustrate this:
1) Breaking of an upward sloping demand line to the downside exactly one year ago.
2) A large, bearish head and shoulders-type pattern that broke its neckline when breaking the critical demand line mentioned in #1
3) A new, bearish downward sloping supply line currently rejecting the DXY as it has been doing since first breaking the neckline/supply line mentioned in #1 and #2.
In conclusion, a break and close below 88.42 would be checkmate for the DXY bulls, which could mean very bullish things for stocks, gold and cryptocurrencies.
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