The DXY has been narrowing up in the rising wedge pattern which can be clearly seen in the 4hr and 1hr chart since the previous drop.Technically, a rising wedge formed after a huge drop is a catalyst the sellers will be looking for to enter and continue their shorts from the top of the wedge while anticipating a break to the downside and a continuation of the downtrend. If this happens our target on the DXY will be back to the beginning of the wedge where we have support. Monitoring the DXY with relevance to the other USD pairs should give us a good edge in making profits this week
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.