Bear Wedge Forming in the DXY??
The DXY has edged up, however, we continuously are making lower highs. We are seeing multiple red triangles on the KRI at or near highs, suggesting that resistance is building. However, lows are consistent at 97.73-97.89, suggesting in the long term we may be forming a bear wedge pattern. If that is the case, we can expect the DXY to test these lows again. We are currently testing 98.82, which is a significant level. If we are wrong and we break out from here, consider 99.40 as our next target, which was March's high. This is the barrier that must be broken before we can consider new relative highs, with 99.82 the next target after that.
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