DXY Likely to Make Big Moves
Top chart is 3 month timeframe, falling wedge breakout, followed by a W pattern:
- Falling wedge breakout -- 0.5x measured target @ 131, and 1x target above 160, and closely lines up with the top of the wick from our previous ATH.
- A W pattern (or double bottom) has formed and broken out following the falling wedge breakout, it's 2x target is also 131.
Bottom chart is 3 day timeframe, zooming in on the W pattern, we see a:
- Parallel channel breakout - 2x target @ 133. Interim targets for 1x and 1.5x also shown on the chart.
We also see a golden cross of the 50 / 200 Monthly EMA on both timeframes here.
A really bullish DXY likely points to a bearish market ahead. See related idea comparing peaks and troughs b/w SPX and DXY.
- Falling wedge breakout -- 0.5x measured target @ 131, and 1x target above 160, and closely lines up with the top of the wick from our previous ATH.
- A W pattern (or double bottom) has formed and broken out following the falling wedge breakout, it's 2x target is also 131.
Bottom chart is 3 day timeframe, zooming in on the W pattern, we see a:
- Parallel channel breakout - 2x target @ 133. Interim targets for 1x and 1.5x also shown on the chart.
We also see a golden cross of the 50 / 200 Monthly EMA on both timeframes here.
A really bullish DXY likely points to a bearish market ahead. See related idea comparing peaks and troughs b/w SPX and DXY.
Note
Approaching the 3 day chart's TP 1 @ 118, presently achieved 113:
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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.
Related publications
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.