DXY Flagging Down 103 Soon?!
Updated
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/
Novi_FIbonacci
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