DXY CYPHER OR HEAD AND SHOULDERS?
DXY:
- As it is pulling back after a neckline break, but it also looks like a bias continues to form cypher pattern
- If the break up exceeds the neckline (95) then the odds are still bullish with the target returning to area 96 as a potential reversal zone of the formed cypher pattern.
- If it is unable to break above and break the low back above the previous low (94.93) then there is a possibility to continue the head and shoulders pattern with the target to area 93.
- Looking at the bullish divergence that is formed most likely the dollar index is still bullish
- As it is pulling back after a neckline break, but it also looks like a bias continues to form cypher pattern
- If the break up exceeds the neckline (95) then the odds are still bullish with the target returning to area 96 as a potential reversal zone of the formed cypher pattern.
- If it is unable to break above and break the low back above the previous low (94.93) then there is a possibility to continue the head and shoulders pattern with the target to area 93.
- Looking at the bullish divergence that is formed most likely the dollar index is still bullish
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