DXY has been struggling in the past few days, it has not managed to push higher nor has it managed to go down below 93.496.
It formed a double bottom (19th low and 21st low) but didn't enjoy a smoothly upward journey, instead it jumped and immediately got crippled multiple times. It had a brief green moment on Friday after Powell's speech but got dragged back down in no time.
My thoughts on DXY is that if the broadening wedge on daily is respected, then the price should go above 93.727 and maintain always above (which it failed a few times last weak).
I'm still bias to DXY bullish because it hasn't fallen below 93.360 which it invalidates my bullish idea; but neither has it reached above 93.727 which is a confirmation of further upward move.
NOTE: if it goes up with a confirmation (above 93.727) I'd expect it to go higher reaching even higher than 95 so that'll be record breaking move in the coming weeks (or otherwise, going downhill miserably). Let's keep an eye on this.
Since Powell has made it official on both inflation concern and tapering, let's wait for a few more days and see how market reacts.
GL!
It formed a double bottom (19th low and 21st low) but didn't enjoy a smoothly upward journey, instead it jumped and immediately got crippled multiple times. It had a brief green moment on Friday after Powell's speech but got dragged back down in no time.
My thoughts on DXY is that if the broadening wedge on daily is respected, then the price should go above 93.727 and maintain always above (which it failed a few times last weak).
I'm still bias to DXY bullish because it hasn't fallen below 93.360 which it invalidates my bullish idea; but neither has it reached above 93.727 which is a confirmation of further upward move.
NOTE: if it goes up with a confirmation (above 93.727) I'd expect it to go higher reaching even higher than 95 so that'll be record breaking move in the coming weeks (or otherwise, going downhill miserably). Let's keep an eye on this.
Since Powell has made it official on both inflation concern and tapering, let's wait for a few more days and see how market reacts.
GL!
