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U.S. Dollar Index
Short

DXY TOP DOWN ANALYSIS

By mykelangelo
snapshot

Weekly Time Frame: Price closed above resistance but rejected on the following week with long bearish candle indicating a possible fake out.

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Daily Time Frame: Price made a HH however RSI made a LH which is also on overbought territory for a possible trend change. Price made a LL after breaking down form previous low, 106.111

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4Hour Time Frame: Price consolidates on support turned resistance making a parallel channel.

If price close below the channel with a bearish momentum candle, another confirmation for a short trade.

Let me know in the comments your thoughts. Thanks!
Chart PatternsTechnical IndicatorsTrend Analysis
mykelangelo

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