DXY - 1D Breakout of fakeout...
Updated
Not a financial advisor...
At the moment, I am looking at this price action as a fakeout!
DXY 4h broke above the trendline but as we can see on the Daily chart, that the current candle is showing a huge upper wick.
DXY 4h is also showing RSI bearish divergence!
-> I would prefer to wait 1 more candle (in 3H) to confirm it. (Update will be posted)
It is not a huge divergence but it exists nevertheless.
I will change my bias from fakeout to a breakout once daily closes above that descending trendline.
At the moment, I am looking at this price action as a fakeout!
DXY 4h broke above the trendline but as we can see on the Daily chart, that the current candle is showing a huge upper wick.
DXY 4h is also showing RSI bearish divergence!
-> I would prefer to wait 1 more candle (in 3H) to confirm it. (Update will be posted)
It is not a huge divergence but it exists nevertheless.
I will change my bias from fakeout to a breakout once daily closes above that descending trendline.
Note
Previous candle closed below trendline and confirmed RSI bearish divergence.Still waiting for daily candle close to call it a fake out.
Note
Not yet sure whether the downsloping channel has been broken.
I would need some more confirmations!
Note
DXY might be creating a higher high!!!Trade closed: stop reached
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