U.S. Dollar IndexShort
DXY to at least test 21W EMA (currently at 94.6)
Updated
• Historically, whenever DXY closes below the 8W SMA while it is in the ascendance (ie when DXY *was* above the 8W SMA, and the 8W SMA *is* above the 21W EMA), this has led to at least a test of the 21W EMA.
• A subsequent failure of this test will lead to DXY further downtrending for several weeks.
• In all probability, DXY will be closing below the 8W SMA, while being in the ascendance, in several hours.
• There is hence a high probability of DXY at least testing the 21W EMA (currently at 94.6) in the coming weeks.
• A subsequent failure of this test will lead to DXY further downtrending for several weeks.
• In all probability, DXY will be closing below the 8W SMA, while being in the ascendance, in several hours.
• There is hence a high probability of DXY at least testing the 21W EMA (currently at 94.6) in the coming weeks.
Note
As forecasted, DXY will be re-testing the 21W EMA soon.However, it is always good to plan ahead and ask ourselves what's the probability of DXY breaking below the 21W EMA. For that, my sense is that we should be looking at the monthly RSI to see if it breaks below the red trendline.
Note
Patience.
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