DXY - Monthly Chart Analysis, Potential 10% Move
Recent price action: Bullish
Pattern: Potential inverse head and shoulders. Price would have to reject off weekly resistance, find support near daily support, and move back above weekly resistance. Price has also broken out of its corrective phase.
Long-term momentum: Bullish
Short-term momentum: Bullish
Action: Ride current U.S. trades to weekly resistance, sell, then rebuy after price finds support again. Would be nice for price to retest 29 EMA for support.
Comments: Looks like strong bullish momentum. I would like to see price test monthly support by end of year if momentum holds. That would equate to roughly a 10% move.
Pattern: Potential inverse head and shoulders. Price would have to reject off weekly resistance, find support near daily support, and move back above weekly resistance. Price has also broken out of its corrective phase.
Long-term momentum: Bullish
Short-term momentum: Bullish
Action: Ride current U.S. trades to weekly resistance, sell, then rebuy after price finds support again. Would be nice for price to retest 29 EMA for support.
Comments: Looks like strong bullish momentum. I would like to see price test monthly support by end of year if momentum holds. That would equate to roughly a 10% move.