DXY and US10Y have likely topped out in the near term
Updated
Based on fundamentals,
1. Recession scare may cause FED to stop hiking interest rates rapidly which has negative effect on Dollar.
2. US 10 Year Bond Yields (US10Y) have also topped out in near term..
Based on technical patterns, we see
1. Double top with negative RSI divergence. See BTCUSD idea which brought bitcoin from 69000$ to 30000$ in related idea linked below.
2. We have a bearish pennant in play now
3. High Correlation with US10Y and similar chart formation as seen below.
1. Recession scare may cause FED to stop hiking interest rates rapidly which has negative effect on Dollar.
2. US 10 Year Bond Yields (US10Y) have also topped out in near term..
Based on technical patterns, we see
1. Double top with negative RSI divergence. See BTCUSD idea which brought bitcoin from 69000$ to 30000$ in related idea linked below.
2. We have a bearish pennant in play now
3. High Correlation with US10Y and similar chart formation as seen below.
Trade closed: stop reached
Since we confirmed above 106$, stop reached for this ideaRelated publications
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.