The Dollar is Still Bearish
A lot of folks are in belief that the DXY has turned bullish. When zooming out on the monthly one can see that the bears are still firmly in control.
3 bearish indicators on the monthly illustrate this:
1) Breaking of an upward sloping demand line to the downside exactly one year ago.
2) A large, bearish head and shoulders-type pattern that broke its neckline when breaking the critical demand line mentioned in #1
3) A new, bearish downward sloping supply line currently rejecting the DXY as it has been doing since first breaking the neckline/supply line mentioned in #1 and #2.
In conclusion, a break and close below 88.42 would be checkmate for the DXY bulls, which could mean very bullish things for stocks, gold and cryptocurrencies.
3 bearish indicators on the monthly illustrate this:
1) Breaking of an upward sloping demand line to the downside exactly one year ago.
2) A large, bearish head and shoulders-type pattern that broke its neckline when breaking the critical demand line mentioned in #1
3) A new, bearish downward sloping supply line currently rejecting the DXY as it has been doing since first breaking the neckline/supply line mentioned in #1 and #2.
In conclusion, a break and close below 88.42 would be checkmate for the DXY bulls, which could mean very bullish things for stocks, gold and cryptocurrencies.
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.