- DXY looks to be forming within an Ascending Wedge pattern
- This pattern is inherently Bearish and tends to break to the downside
- Pattern is characterised by two ascending trend-lines converging towards each other forming a 'cone' pointing upwards
- Within the pattern there is a short term trend-line acting as support (BLUE LINE)
- This level would need to be broken first to confirm a possible retest/break of the larger ascending trend-line support of the ascending wedge pattern
- We are currently around the 97.00 level, this level has acted as strong resistance/support recently as shown here therefore
we will need to watch price action around this level to gauge the short/medium term direction of DXY
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- This pattern is inherently Bearish and tends to break to the downside
- Pattern is characterised by two ascending trend-lines converging towards each other forming a 'cone' pointing upwards
- Within the pattern there is a short term trend-line acting as support (BLUE LINE)
- This level would need to be broken first to confirm a possible retest/break of the larger ascending trend-line support of the ascending wedge pattern
- We are currently around the 97.00 level, this level has acted as strong resistance/support recently as shown here therefore
we will need to watch price action around this level to gauge the short/medium term direction of DXY
THIS IS NOT TRADE ADVICE NOR A TRADE CALL