Fascinating junction for DXY
We can see DXY has again rejected off the falling daily trendline (green), last week we formed a bear candle and have broken out below, currently printing a third bear candle in a row (daily).
Even though US Data and narrative suggest higher for longer (and maybe even a hike, although I doubt that) the USD has not responded in kind.
We're approaching a couple of critical areas:
1. 104.3 - intersection of the rising weekly trendline (red)
2. 104.1 - supply zone
With the local trend bearish, more positivity coming out of Europe I think we could see DXY break through these barriers and ultimately retest the longer running monthly falling trendline (white).
We have a negative MACD and not yet oversold (Daily).
Of course, the US Economy is looking strong and the FED thinks they can afford to keep rates higher for longer, so any kind of a push up from here will see the daily fall line (green) broken and a new HH.
Will this be allowed to happen?
As always, I never trade DXY but it is critical to watch as dictates so many of the crosses next moves.
Even though US Data and narrative suggest higher for longer (and maybe even a hike, although I doubt that) the USD has not responded in kind.
We're approaching a couple of critical areas:
1. 104.3 - intersection of the rising weekly trendline (red)
2. 104.1 - supply zone
With the local trend bearish, more positivity coming out of Europe I think we could see DXY break through these barriers and ultimately retest the longer running monthly falling trendline (white).
We have a negative MACD and not yet oversold (Daily).
Of course, the US Economy is looking strong and the FED thinks they can afford to keep rates higher for longer, so any kind of a push up from here will see the daily fall line (green) broken and a new HH.
Will this be allowed to happen?
As always, I never trade DXY but it is critical to watch as dictates so many of the crosses next moves.
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