• DXY has closed the weekly below the blue 276 week-long trendline.
• RSI is oversold, and may be forming a double top.
• DXY’s price action this week will probably tell us what’s next.
• Historically, DXY has retested the BMSB when it closes below the 8W SMA (currently at 99.7).
• If DXY closes the weekly below the blue trendline, it is probable that it closes below the 8W SMA next week or the week after.
• If so, then the probability of a retest of the BMSB (currently at 97.6 – 97.9) significantly increases.
• RSI is oversold, and may be forming a double top.
• DXY’s price action this week will probably tell us what’s next.
• Historically, DXY has retested the BMSB when it closes below the 8W SMA (currently at 99.7).
• If DXY closes the weekly below the blue trendline, it is probable that it closes below the 8W SMA next week or the week after.
• If so, then the probability of a retest of the BMSB (currently at 97.6 – 97.9) significantly increases.
Note
Wow. This DXY pump has been strong. I've drawn one more trendline from wick to wick. If DXY closes the weekly above the higher trendline, then things will get interesting indeed!
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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.