DXY meets strong resistance

٢٤ أغسطس ٢٠٢٢

The previously formed cup-handle pattern came to the resistance zone (109.131~109.625) and was tested twice.
At present, the moving average of the daily chart is still bullish. If EMA13 and EMA55 form a death cross in the future and fall below the trend line and the previous low (104.646), the double top will be established.
-
Before it falls below, the daily chart should still be judged as bulls.
-
DXY monthly chart on the right (log):
After breaking the trend line, the price fell back to the same range (black rectangle below), and the rebound also came to the same range (black rectangle above), forming a monthly bumpy box, and then the price broke through the box and came to the resistance zone (107.788~109.461).
-
The daily resistance zone is 109.131~109.625, which overlaps with the monthly resistance zone.
-
Therefore, it can be inferred that the current resistance of DXY is very strong. We need to pay attention to the strong resistance here.
-