DXY Flagging Down 103 Soon?!
Here I have DXY on the 4Hr Chart!
Price has been in quite a Downtrend since the High @ 106.517 and now with the appearance of what seems to be a BEARISH BREAK of an ASCENDING CHANNEL which if we get a VALID BREAK and CLOSE out of this Channel .. This is signs of a Strong Continuation pattern, the BEAR FLAG!
The Big Push behind this weakness comes in with the disappointing ISM Manufacturing PMI's showing quite a bit of Contraction!
Final ISM Manufacturing PMI - 51.3 Actual v 50.9 Forecast
ISM Manufacturing PMI - 48.7 Actual v 49.8 Forecast
ISM Manufacturing Prices - 57 Actual v 60 Forecast
*To Validate this Pattern, we need to see a STRONG CLOSE outside with a SOFT RETEST of the Break!
Price has been in quite a Downtrend since the High @ 106.517 and now with the appearance of what seems to be a BEARISH BREAK of an ASCENDING CHANNEL which if we get a VALID BREAK and CLOSE out of this Channel .. This is signs of a Strong Continuation pattern, the BEAR FLAG!
The Big Push behind this weakness comes in with the disappointing ISM Manufacturing PMI's showing quite a bit of Contraction!
Final ISM Manufacturing PMI - 51.3 Actual v 50.9 Forecast
ISM Manufacturing PMI - 48.7 Actual v 49.8 Forecast
ISM Manufacturing Prices - 57 Actual v 60 Forecast
*To Validate this Pattern, we need to see a STRONG CLOSE outside with a SOFT RETEST of the Break!
Note
Talk of increased chances of Interest Rates for USD?!tradingview.com/news/reuters.com,2024:newsml_L1N3I201G:0-dollar-wallows-at-multi-month-lows-as-fed-cut-bets-grow/
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"An investment in knowledge will pay the best interest." - B. Franklin
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.