Dollar Index "Reversal"
The above chart of Dollar Index DXY laid out a Falling Wedge .In a falling wedge pattern, both the upper trend line which connects the highs and the lower trend line which connects the lows converge downwards. The wedge pattern in general indicates a trend reversal. Especially, the falling wedge signals a bullish reversal.
This pattern indicates a breakout in the price trend towards an upswing. From the above chart, we can interpret that the momentum of the downtrend is slowing down.
Currently, Dollar Index DXY is at $104.932. If the pattern continues, the price of Dollar Index DXY might reach the resistance level of $105.830. If the trend reverses, then the price of Dollar Index DXY may fall to $104.480
Happy Trading
The above chart of Dollar Index DXY laid out a Falling Wedge .In a falling wedge pattern, both the upper trend line which connects the highs and the lower trend line which connects the lows converge downwards. The wedge pattern in general indicates a trend reversal. Especially, the falling wedge signals a bullish reversal.
This pattern indicates a breakout in the price trend towards an upswing. From the above chart, we can interpret that the momentum of the downtrend is slowing down.
Currently, Dollar Index DXY is at $104.932. If the pattern continues, the price of Dollar Index DXY might reach the resistance level of $105.830. If the trend reverses, then the price of Dollar Index DXY may fall to $104.480
Happy Trading
