Dollar Index: DXY Update and Key levels for next break
Dollar Index: DXY
So far DXY is displaying precisely the kind of technical price
action you'd expect of something in the process of breaking
down lower...the tiny continuation pattern with a bearish
upwards slope, every move contained within the parallels that
control this inverted flag formation. The dollar will try to rally
from the lower parallel of the flag so we need to step off the
gas around now if shorting USD across the pairs. Contrarians
may look to go long USD again here but be careful if you
do...at some point soon DXY is going to fail, breaking below
the lower parallel - the point to go aggressively short USD
again and to go long Gold once more, looking for 92.62 on DXY
and 1305 on Gold.
So far DXY is displaying precisely the kind of technical price
action you'd expect of something in the process of breaking
down lower...the tiny continuation pattern with a bearish
upwards slope, every move contained within the parallels that
control this inverted flag formation. The dollar will try to rally
from the lower parallel of the flag so we need to step off the
gas around now if shorting USD across the pairs. Contrarians
may look to go long USD again here but be careful if you
do...at some point soon DXY is going to fail, breaking below
the lower parallel - the point to go aggressively short USD
again and to go long Gold once more, looking for 92.62 on DXY
and 1305 on Gold.