After a big long growth, US dollar started to retrace the uptrend and dropped more than half of it.
If we take a look at the price structure, we can see the uptrend is stronger than the current downtrend.
Currently, price is moving inside an ascending triangle. As we know, ascending triangles usually make price to grow.
So, if price breaks the triangle pattern and closes a bullish candle above it, we can expect a rise on DXY towards the next resistance level around 107.425 and in the case of an upside breakout on the resistance, the next target would be around 108.650
If we take a look at the price structure, we can see the uptrend is stronger than the current downtrend.
Currently, price is moving inside an ascending triangle. As we know, ascending triangles usually make price to grow.
So, if price breaks the triangle pattern and closes a bullish candle above it, we can expect a rise on DXY towards the next resistance level around 107.425 and in the case of an upside breakout on the resistance, the next target would be around 108.650
Note
If you would like to learn more about ascending triangles check my YouTube Channel: youtu.be/glFMcvZXCMI
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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.