Here I have DXY on the 4Hr Chart!
Price has been in quite a Downtrend since the High @ 106.517 and now with the appearance of what seems to be a BEARISH BREAK of an ASCENDING CHANNEL which if we get a VALID BREAK and CLOSE out of this Channel .. This is signs of a Strong Continuation pattern, the BEAR FLAG!
The Big Push behind this weakness comes in with the disappointing ISM Manufacturing PMI's showing quite a bit of Contraction!
Final ISM Manufacturing PMI - 51.3 Actual v 50.9 Forecast
ISM Manufacturing PMI - 48.7 Actual v 49.8 Forecast
ISM Manufacturing Prices - 57 Actual v 60 Forecast
*To Validate this Pattern, we need to see a STRONG CLOSE outside with a SOFT RETEST of the Break!
Price has been in quite a Downtrend since the High @ 106.517 and now with the appearance of what seems to be a BEARISH BREAK of an ASCENDING CHANNEL which if we get a VALID BREAK and CLOSE out of this Channel .. This is signs of a Strong Continuation pattern, the BEAR FLAG!
The Big Push behind this weakness comes in with the disappointing ISM Manufacturing PMI's showing quite a bit of Contraction!
Final ISM Manufacturing PMI - 51.3 Actual v 50.9 Forecast
ISM Manufacturing PMI - 48.7 Actual v 49.8 Forecast
ISM Manufacturing Prices - 57 Actual v 60 Forecast
*To Validate this Pattern, we need to see a STRONG CLOSE outside with a SOFT RETEST of the Break!
Note
Talk of increased chances of Interest Rates for USD?!tradingview.com/news/reuters.com,2024:newsml_L1N3I201G:0-dollar-wallows-at-multi-month-lows-as-fed-cut-bets-grow/
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Keep It Current,
With Novi Fibonacci!
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.
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Keep It Current,
With Novi Fibonacci!
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.