DXY Bearish Cross on 1D MA50/100. Repeat of the 2017 pattern?
The DXY has just formed a MA50 (blue trend-line)/ MA100 (green trend-line) Bearish Cross (BC) on the 1D time-frame. This alone has mostly been a sell sign in the past 4 years. What I am particularly more interested at is a similar occurrence I spotted on the fractal from 2017/ 2018.
The USD Index was trading on a 1 year Channel Down when the 1D MA50/100 BC took place, similar to the Channel Down it has been trading in since 2020. The 2018 BC delivered one last Lower Low within the Channel Down that formed the market bottom for the years that followed. That bottom was made on the -0.236 Fibonacci extension. That is currently just over 86.500. Can a similar Low be made this time? It is very possible with the fundamentals agreeing too, as the new Biden stimulus should further devaluate the USD. As you see the RSI and MACD fractals are also fairly similar.
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The USD Index was trading on a 1 year Channel Down when the 1D MA50/100 BC took place, similar to the Channel Down it has been trading in since 2020. The 2018 BC delivered one last Lower Low within the Channel Down that formed the market bottom for the years that followed. That bottom was made on the -0.236 Fibonacci extension. That is currently just over 86.500. Can a similar Low be made this time? It is very possible with the fundamentals agreeing too, as the new Biden stimulus should further devaluate the USD. As you see the RSI and MACD fractals are also fairly similar.
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> CryptoSurfer007
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