The US Dollar Currency Index (DXY) is trading near the bottom of a falling wedge.
A breakout to the upside is probable given that:
- Bottom of wedge coincides with a major price structure (horizontal support / resistance).
- Bullish divergence on MACD and RSI.
If a breakout does occur, expect a downturn in the stock market (DXY is inversely proportional to the SPX).
A breakout to the upside is probable given that:
- Bottom of wedge coincides with a major price structure (horizontal support / resistance).
- Bullish divergence on MACD and RSI.
If a breakout does occur, expect a downturn in the stock market (DXY is inversely proportional to the SPX).
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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.