What technical information can we get from DXY
1. Dollar broke larger correction channel highlighted in Black trendline
2. Dollar broke ascending channel highlighted in blue with major impulse since 20th April
3. Price still remain above 50EMA
4. Price likely to form a double top structure
Summary:
Dollar remain hawkish with no sign of exhaustion and to trade solely on its pattern is not advisable
If Dollar close below the previous week high, there is a chance to go Long i.e. (XXXUSD Buy) against its counterpart from the current level
With overall sentiment its likely a retracement period with long term trend remain bullish
Bias:
Short term: Dollar Bearish (XXXUSD Buy)
Long Term : Dollar Bullish (XXXUSD Sell)
1. Dollar broke larger correction channel highlighted in Black trendline
2. Dollar broke ascending channel highlighted in blue with major impulse since 20th April
3. Price still remain above 50EMA
4. Price likely to form a double top structure
Summary:
Dollar remain hawkish with no sign of exhaustion and to trade solely on its pattern is not advisable
If Dollar close below the previous week high, there is a chance to go Long i.e. (XXXUSD Buy) against its counterpart from the current level
With overall sentiment its likely a retracement period with long term trend remain bullish
Bias:
Short term: Dollar Bearish (XXXUSD Buy)
Long Term : Dollar Bullish (XXXUSD Sell)