DXY - Bull or Bear?
The DXY has essentially been moving sideways for half a year, it will commit to a major move soon and I think the the red support box marked by my, very well drawn, X will be it's giveaway.
What I give the higher probability of happening to is a backtest of the aforementioned box as support before a greater move up. It would also have to break out of the broadening wedge that can be seen.
Having said that there is clear bearish divergence building up and should we break below support, then confirm it as resistance, I can see a few more very bearish months that could present great opportunities for EUR, GBP and BTC.
What I give the higher probability of happening to is a backtest of the aforementioned box as support before a greater move up. It would also have to break out of the broadening wedge that can be seen.
Having said that there is clear bearish divergence building up and should we break below support, then confirm it as resistance, I can see a few more very bearish months that could present great opportunities for EUR, GBP and BTC.
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