Dollar Index: Downtrend broken. Aiming at the $99 region.
DXY has been on a strong downtrend since the early September top. Last week this downtrend broke to the upside and with the 1D chart turning bullish again (RSI = 62.141, MACD = 0.060, ADX = 22.482, Highs/Lows = 0.3161) we are expecting a new bullish leg towards the 99.10 - 00.60 Zone.
However there are two dark spots we need to point out:
- The first is the 1D Death Cross that took place on December 25th. That is the first such occurrence since May 2017 and is typically a bearish signal.
- The second is the breaking of the Higher Low trend line of the multi-month Channel Up that has been holding since June 2018. Even though it was marginal and the price quickly recovered back into the Channel, it still is something to keep an eye on and quite probably where the stops of buy positions should be set.
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However there are two dark spots we need to point out:
- The first is the 1D Death Cross that took place on December 25th. That is the first such occurrence since May 2017 and is typically a bearish signal.
- The second is the breaking of the Higher Low trend line of the multi-month Channel Up that has been holding since June 2018. Even though it was marginal and the price quickly recovered back into the Channel, it still is something to keep an eye on and quite probably where the stops of buy positions should be set.
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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