I expect DXY to head higher for the remainder of the month. This due a positive technical stance supporting the bulls. Price has tested 93.50 level and as of now it's clear it is failing to crack it. If the price stays above this level and we get a close above 94.00 on the Daily perspective, I personally expect a huge rise. This is also supported by the price action around the BLACK moving average. I want to see price closing above both the moving average ang 94.00 for this move to be valid.
We are also trading at Fib C 61.8% level, the PA has been displaying a number of wicks pinning this level. Hence with this pattern we expect the price to rise. The price has also broken the descending T.L validating this move but seeing a close above the BLUE moving average will be an ideal scenario. There is one "CONFLICTING" factor though, during the consolidation between FIB 61.8%, 93.5 Levels and the BLACK moving average we had a flag pattern presented which suggests a break to the down side.
N.B IF we close above 94.00 and breaking BLUE moving average the BIAS will still be on the upside.
We are also trading at Fib C 61.8% level, the PA has been displaying a number of wicks pinning this level. Hence with this pattern we expect the price to rise. The price has also broken the descending T.L validating this move but seeing a close above the BLUE moving average will be an ideal scenario. There is one "CONFLICTING" factor though, during the consolidation between FIB 61.8%, 93.5 Levels and the BLACK moving average we had a flag pattern presented which suggests a break to the down side.
N.B IF we close above 94.00 and breaking BLUE moving average the BIAS will still be on the upside.
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A view from the daily timeframe.
DXY has been presenting a numbe of reversal candlesticks in history before is reverses.
DXY has been presenting a numbe of reversal candlesticks in history before is reverses.