Hello my beauties.
DXY has formed a massive megaphone, specifically a bearish one after an uptrend.
The completion area for a bearish megaphone that comes after an uptrend is the beginning of the formation itself, which I evidenced in green.
The Dollar Index might turn out to be very bullish in the next few weeks/months, as it has just retested the bottom line of the pattern. However what worries me is the fact that it showed a bit of weakness, as the test broke below the trendline and from experience I can say this could indicate an upcoming breakout to the downside.
If the support holds, then we'll be long dollar for a while.
If you find this idea to be helpful like, follow, and drop a comment below if you'd want me to analyse a different pair.
Consider supporting me if you think I am providing you with value.
Peace.
Luca, TrickleDownFX
DXY has formed a massive megaphone, specifically a bearish one after an uptrend.
The completion area for a bearish megaphone that comes after an uptrend is the beginning of the formation itself, which I evidenced in green.
The Dollar Index might turn out to be very bullish in the next few weeks/months, as it has just retested the bottom line of the pattern. However what worries me is the fact that it showed a bit of weakness, as the test broke below the trendline and from experience I can say this could indicate an upcoming breakout to the downside.
If the support holds, then we'll be long dollar for a while.
If you find this idea to be helpful like, follow, and drop a comment below if you'd want me to analyse a different pair.
Consider supporting me if you think I am providing you with value.
Peace.
Luca, TrickleDownFX
