DXY Analysis: Wyckoff Accumulation Suggests Upside Potential
DXY Analysis: Wyckoff Accumulation Suggests Upside Potential
The Dollar Index (DXY) recently bottomed following an extended period of consolidation, marking the end of a Wyckoff Accumulation pattern on the chart. This phase of accumulation indicates that the dollar has likely built enough momentum for a bullish move. In the near term, I expect DXY to rise toward 101.6, followed by further strength taking it to 105.55 by the end of the year. As the accumulation phase transitions into a markup phase, the dollar is set for a period of appreciation.
The Dollar Index (DXY) recently bottomed following an extended period of consolidation, marking the end of a Wyckoff Accumulation pattern on the chart. This phase of accumulation indicates that the dollar has likely built enough momentum for a bullish move. In the near term, I expect DXY to rise toward 101.6, followed by further strength taking it to 105.55 by the end of the year. As the accumulation phase transitions into a markup phase, the dollar is set for a period of appreciation.
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.
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.