Headlines today: Fed Chair Powell says interest rates are ‘likely to be higher’ than previously anticipated.
DXY was at a solid resistance cooled off for a bit under it, and it just broke that resistance to the upside.
If interest rates need to continue to be raised we would expect more upside in the DXY.
Rate hikes continue as expected -> DXY will follow traditional technical analysis as expected.
I used the measure rule to calculate possible target for descending channel upward breakout.
It aligns perfectly with a diagonal supply line going back months. Would be poetic to see PA reject at the diagonal and horizontal resistances, which exactly align with the measured move from the descending channel.
(see the vertical white line, the width of the channel)
DXY was at a solid resistance cooled off for a bit under it, and it just broke that resistance to the upside.
If interest rates need to continue to be raised we would expect more upside in the DXY.
Rate hikes continue as expected -> DXY will follow traditional technical analysis as expected.
I used the measure rule to calculate possible target for descending channel upward breakout.
It aligns perfectly with a diagonal supply line going back months. Would be poetic to see PA reject at the diagonal and horizontal resistances, which exactly align with the measured move from the descending channel.
(see the vertical white line, the width of the channel)