The USD is the strongest of the major currencies and in doing so, the dollar index (DXY) is also making a new high for the year. The index trades at the highest level since June 2020.
Price Action:
DXY has been in bullish trend and trading in bullish parallel channel (as shown in chart). This channel has been very reactive in the past. Currently price is standing at the top of the channel near psychological mark of 100.
It has printed bearish divergence on RSI and considers as strongest due to the current standing of price action.
While bears put 2 strong points on the table of divergence and channel top. Bulls counter with a breakout of month long consolidation.
We remain watchful of the price action and trade it with the price action.
What do you think? Who will win this battle?
Price Action:
DXY has been in bullish trend and trading in bullish parallel channel (as shown in chart). This channel has been very reactive in the past. Currently price is standing at the top of the channel near psychological mark of 100.
It has printed bearish divergence on RSI and considers as strongest due to the current standing of price action.
While bears put 2 strong points on the table of divergence and channel top. Bulls counter with a breakout of month long consolidation.
We remain watchful of the price action and trade it with the price action.
What do you think? Who will win this battle?
