DXY SHORT TERM OUTLOOK

Dec 11, 2022

DOLLAR INDEX looks bearish after retesting key bearish market structure and higher timeframe resistance. On the hourly timeframe, minor higher highs and higher lows are forming, showing some sort of bear flag however I'm looking at bearish continuation due to the fundamentals in play of a bearish dollar. If gold breaks this bearish market structure i will look for further downside towards the previous lows of 104 whereby, we may see double bottom buys on the dollar or if the bearish momentum is strong, we might crash to 102 regions of key monthly support. Do keep in mind we have CPI next week and Fomc next week where i am expecting a fed pivot.