DXY broke out of a flag to the upside
The fundamentals of rising U.S. interest rates are the backdrop for this rise in the U.S. dollar.
Technically speaking, one can see positive divergences (in red) between the price and both the MACD and RSI indicators.
Moreover, an EW may be forming, and if so, we are likely at point 3 in that case.
Finally, the price seems to have broken out of a flag to the upside.
However, if you are not already long, consider waiting for a re-test of the breakout line. The intraday charts suggest there could be a pause but you should use a chart of US bond prices and/or yields to help you triangulate your entry decision.
Technically speaking, one can see positive divergences (in red) between the price and both the MACD and RSI indicators.
Moreover, an EW may be forming, and if so, we are likely at point 3 in that case.
Finally, the price seems to have broken out of a flag to the upside.
However, if you are not already long, consider waiting for a re-test of the breakout line. The intraday charts suggest there could be a pause but you should use a chart of US bond prices and/or yields to help you triangulate your entry decision.
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