- DXY looks to be forming a possible rising wedge on the weekly chart
- This chart pattern is characterised by two ascending + converging trend-lines acting as support and resistance
- As can be seen on the chart price is being squeezed towards the point at the converging end of the pattern
TWO SCENARIOS:
1. Price breaks through lower trend-line support, if this is the case this would confirm a bearish reversal
2. Price breaks through upper trend-line resistance, if this is the case, the already well established bullish trend should continue higher
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- This chart pattern is characterised by two ascending + converging trend-lines acting as support and resistance
- As can be seen on the chart price is being squeezed towards the point at the converging end of the pattern
TWO SCENARIOS:
1. Price breaks through lower trend-line support, if this is the case this would confirm a bearish reversal
2. Price breaks through upper trend-line resistance, if this is the case, the already well established bullish trend should continue higher
THIS IS NOT TRADE ADVICE NOR A TRADE CALL