EURUSD has poked its head above the downward trendline, or at least very close to. Successful breakout towards the upside will send DXY tumbling down the hill, and gold to the moon. A failed break out will send itself to 1.6-1.65 support area for further consolidation and DXY towards the top of the bearish rising wedge, where it might break out instead of break down.
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Break out almost complete: if you copy the chart to your own screen and zoom in on 1 minute, you can see that the price broke out, back tested the trendline, and shot higher.
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Now in order to go up higher, needs a confirmation from DXY to impulsively break down its bearish rising wedge. See
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Still not completely out of the woods. DXY needs to see a huge ugly candle on its hourly chart and prices of other commodities and currencies in USD needs to go up to confirm, such as BTCUSD and AUXUSD.
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I woke up this morning and found that... well... they launched the rocket last night and it went straight to the moon (/ground/). However, it has turned into an "overthrown" pattern: EURUSD dropping below its lower edge of the falling wedge while DXY has shot above. This is the last chance for the wedge patterns to play out. If an overthrown is not followed by a dramatic U-turn, then it is screwed.
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Last update:
DXY has fallen back into the wedge. This is a good sign that EURUSD may have a final thrust up where it break through. Meanwhile, XAUUSD has confirmed this move by going up 1 buck.
DXY has fallen back into the wedge. This is a good sign that EURUSD may have a final thrust up where it break through. Meanwhile, XAUUSD has confirmed this move by going up 1 buck.