DXY: Could the 13+year rally possible be over?
1. No one is always right when guessing the future. We just try to look for patterns and indicators that suggest a target or that the trend is about to change. A year ago I thought the change was about to occur ( see link below for that chart if interested) but I was wrong. For me this type of analysis helps me anticipate but wait for price action to support the idea before taking a position.
2. In looking at the monthly chart you a back a forth movement with A-B-C appearance which leads me to believe this a a long term possibly contracting triangle sideways pattern before a final collapse of the dollar. In this chart the monthly RSI shows negative reversal (upper dashed line) followed by a bearish divergence currently. In the weekly pattern we see a bearish divergence in the RSI. There is also a shorter term bearish divergence in the daily chart.
3. However in the daily chart you see we are in a up trending channel with an even steeper up trend line. So I am watching for a break of the up trend line.
Process you own way. Feedback always welcome. Have a great week.
2. In looking at the monthly chart you a back a forth movement with A-B-C appearance which leads me to believe this a a long term possibly contracting triangle sideways pattern before a final collapse of the dollar. In this chart the monthly RSI shows negative reversal (upper dashed line) followed by a bearish divergence currently. In the weekly pattern we see a bearish divergence in the RSI. There is also a shorter term bearish divergence in the daily chart.
3. However in the daily chart you see we are in a up trending channel with an even steeper up trend line. So I am watching for a break of the up trend line.
Process you own way. Feedback always welcome. Have a great week.
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