Dollar Index - BEARISH, Potential top could be in place
Earlier I felt that the April high was the top I was looking for, however, after retracing it went on to make new high last week. This has RSI divergence from July 2012 high and current high, also with April 2013 high and the last high and what appears to be slightly higher high recently on Daily time frame. So potential triple divergence could at least markt intermediate high if the the final one.
Though, if you look at my longer term chart and my view if DXY you will see that the recent high could be very significant. I will post this long term chart below.
If we do not get strong momentum move to the downside I will need to re-evaluate my entire analysis. But for now I am sticking to it as both from general technical analysis and from EW perspective it seems to fit
One to watch as it could give indication of all maor USD pairs direction for intermediate and longer term.
Though, if you look at my longer term chart and my view if DXY you will see that the recent high could be very significant. I will post this long term chart below.
If we do not get strong momentum move to the downside I will need to re-evaluate my entire analysis. But for now I am sticking to it as both from general technical analysis and from EW perspective it seems to fit
One to watch as it could give indication of all maor USD pairs direction for intermediate and longer term.