DXY (US DOLLAR INDEX): DT Continuation
BULLISH:
Despite the recent encouraging economic data, such as the Empire State Manufacturing Index and optimistic retail sales forecasts, the dollar has gained momentum and broken out of its downtrend.
BEARS:
On the 5D timeframe, the analysis of the curve indicates that the US Dollar Index is currently experiencing a downtrend. It appears that the recent rise in the DXY may just be a temporary pullback, with a high probability of returning to the downtrend.
The DXY is approaching two levels of resistance, with the first one at 105.87 and the second one at 106.66. These levels could potentially lead to a rejection, causing the downtrend to continue.
Despite the recent encouraging economic data, such as the Empire State Manufacturing Index and optimistic retail sales forecasts, the dollar has gained momentum and broken out of its downtrend.
BEARS:
On the 5D timeframe, the analysis of the curve indicates that the US Dollar Index is currently experiencing a downtrend. It appears that the recent rise in the DXY may just be a temporary pullback, with a high probability of returning to the downtrend.
The DXY is approaching two levels of resistance, with the first one at 105.87 and the second one at 106.66. These levels could potentially lead to a rejection, causing the downtrend to continue.
Professor C. E. Ward
Professor C. E. Ward
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