DXY coold down before going up. Inv H&S pattern.
Updated
The 
DXY is experiencing a cooldown, as indicated by the MACD. It was overbought and needs to relax a bit. However, this is not a reversal; it is just a reaccumulation. The inverse head and shoulders pattern suggests a target of $106 if the pattern stops at the bottom of the right shoulder, returning to its previous level and ready for more uptrend.
A buy in the green zone is a safe entry.
Always do your own research (DYOR). This is just chart analysis, not financial advice.
DXY is experiencing a cooldown, as indicated by the MACD. It was overbought and needs to relax a bit. However, this is not a reversal; it is just a reaccumulation. The inverse head and shoulders pattern suggests a target of $106 if the pattern stops at the bottom of the right shoulder, returning to its previous level and ready for more uptrend.A buy in the green zone is a safe entry.
Always do your own research (DYOR). This is just chart analysis, not financial advice.
Note
DXY has entered the green box, completing the inversed head and shoulder pattern. It should go back in an uptrend tomorrow or the next day.Trade closed: target reached
Everything happened according to plan. DXY bounced in the support zone.Note
DXY has broken the structure to the upside, which logically means an uptrend continuation.Note
Well I hate to say that, but this idea seems to play out by reaching the second resistance at 102. The macro economy is pretty bad for the USD atm.Note
The DXY has bounced from my second support zone. I expect it to consolidate at this point. If it goes lower, that will be pretty bad.since the next support is at 100.
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.