Hello guys, here's an update on DXY in 2 days timeframe.
The US dollar index is currently holding long-term support ever since early 2022. In this span of 10 months, we have seen the DXY bounce back making a higher high. This allowed DXY to form a nice rising wedge pattern and now once again we come to the point where DXY will either bounce back or break down. I wish DXY could play out according to the chart because this will mean a good green rally incoming in the crypto market. A bounce, on the other hand, will show some more bearish moves and will lead the market to drop further low.
I am anxiously waiting for a breakdown. Will it happen now or after one last bounce? To know the answer, we will have to wait for the next weekly candle to close.
I hope this update is helpful for you all.
Trade safely.
The US dollar index is currently holding long-term support ever since early 2022. In this span of 10 months, we have seen the DXY bounce back making a higher high. This allowed DXY to form a nice rising wedge pattern and now once again we come to the point where DXY will either bounce back or break down. I wish DXY could play out according to the chart because this will mean a good green rally incoming in the crypto market. A bounce, on the other hand, will show some more bearish moves and will lead the market to drop further low.
I am anxiously waiting for a breakdown. Will it happen now or after one last bounce? To know the answer, we will have to wait for the next weekly candle to close.
I hope this update is helpful for you all.
Trade safely.
