DXY remains extremely strong

21 באוק׳ 2022

In my previous DXY analysis I said that 113 should provide strong resistance and a drop from here is probable.
Although we indeed has a drop, this was short-lived and didn't reach my 110 target and reversed from the ascending trend line indicating that bulls are not done yet.
Now the price is again close to this resistance and the Morning Star candle formation combined with yesterday's Pin Bar gives us an indication of upside pressing and imminent upbreak.
Confirmation for this bullish outlook comes with a break above 113 and, considering the 400 pips base of the symmetrical triangle, the target can be around 117.
A break under recent low would put a pause in this bullish scenario.