The DXY have been interesting the past few weeks. I had posted couple markups about the DXY but I couldn't see an actual direction for it. But we may be in luck.
Let's look at the big picture.
Monthly candle closes and we had a hammer at support.
Weekly Candle did not give us a follow up candle and instead it rejected and bounced giving us a hammer like candle.
Daily is interesting because the structure is not clear yet but because price couldn't break down to the downside. I am seeing bullish action.
Let's analyze why we could head to the upside.
1. Price rejected off of the 61.8 Fibonacci or the 70.7 to be more precise. ABCD Pattern
2. Price have broken the the vertical resistance. Retest should come soon.
3. Higher timeframe rejections.
I will post a mark up in the comments where there will be a Support trendline by which we will refer to as reference incase market reverse.
Let's look at the big picture.
Monthly candle closes and we had a hammer at support.
Weekly Candle did not give us a follow up candle and instead it rejected and bounced giving us a hammer like candle.
Daily is interesting because the structure is not clear yet but because price couldn't break down to the downside. I am seeing bullish action.
Let's analyze why we could head to the upside.
1. Price rejected off of the 61.8 Fibonacci or the 70.7 to be more precise. ABCD Pattern
2. Price have broken the the vertical resistance. Retest should come soon.
3. Higher timeframe rejections.
I will post a mark up in the comments where there will be a Support trendline by which we will refer to as reference incase market reverse.
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