ðĨ The Dollar Might Signal The Start Of A New Bull-Cycle Soon
In today's analysis I want to shed some light on the dollae-index; the DXY. The DXY is important because it tracks the strength of the dollar. An increasing value of the DXY means that the dollar is getting stronger. Generally this means that investors are selling their assets for dollars, because the dollar is perceived as a safe investment.
As seen on the chart, the DXY is following a pennant pattern with a clearly defined support and resistance. Seeing that the dollar has seen a huge increase in value lately, I think the trend is not over yet. The soonest we can think of reversing is when the DXY hits the top resistance of the pattern. In that case, we might trade at the low of the bear-market and can start thinking bullish again.
Before then, we're in for another few weeks/months of bearish price action. Be aware that an escalation of the Russian invasion of Ukraine may lead to the DXY breaking out bullish with ease, leading to a prolonged bear market.
Happy trading!
As seen on the chart, the DXY is following a pennant pattern with a clearly defined support and resistance. Seeing that the dollar has seen a huge increase in value lately, I think the trend is not over yet. The soonest we can think of reversing is when the DXY hits the top resistance of the pattern. In that case, we might trade at the low of the bear-market and can start thinking bullish again.
Before then, we're in for another few weeks/months of bearish price action. Be aware that an escalation of the Russian invasion of Ukraine may lead to the DXY breaking out bullish with ease, leading to a prolonged bear market.
Happy trading!
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