DXY Flagging Down 103 Soon?!

Here I have DXY on the 4Hr Chart!

Price has been in quite a Downtrend since the High @ 106.517 and now with the appearance of what seems to be a BEARISH BREAK of an ASCENDING CHANNEL which if we get a VALID BREAK and CLOSE out of this Channel .. This is signs of a Strong Continuation pattern, the BEAR FLAG!

The Big Push behind this weakness comes in with the disappointing ISM Manufacturing PMI's showing quite a bit of Contraction!

Final ISM Manufacturing PMI - 51.3 Actual v 50.9 Forecast
ISM Manufacturing PMI - 48.7 Actual v 49.8 Forecast
ISM Manufacturing Prices - 57 Actual v 60 Forecast

*To Validate this Pattern, we need to see a STRONG CLOSE outside with a SOFT RETEST of the Break!

註釋

tradingview.com/news/macenews:f67c7ed86094b:0-us-ism-s-fiore-manufacturing-sector-expected-to-remain-stagnant-until-we-see-some-action-on-fed-side/

註釋

tradingview.com/news/macenews:7006ef020094b:0-us-ism-s-fiore-not-much-hiring-going-on-despite-ism-employment-index-up-above-neutral-line-of-50/

註釋

tradingview.com/news/reuters.com,2024:newsml_L1N3I114A:0-us-dollar-drops-to-three-week-low-after-soft-manufacturing-data/

註釋

Talk of increased chances of Interest Rates for USD?!

tradingview.com/news/reuters.com,2024:newsml_L1N3I201G:0-dollar-wallows-at-multi-month-lows-as-fed-cut-bets-grow/

註釋

tradingview.com/news/DJN_DN20240604002074:0/?mobileapp_new=true