Om Namah Shivay
Trying a complete new structure for first time. Could be wrong in counting. But if next impulse down is continuing, then the counting holds.
Om Namah Shivay
WE would like to see how price reacts at the retest of the structure low for a potentail long oppurtinty..If price breaks below my structure low..i might be looking to go short
DXY at interesting crosspoint ...RSI on weekly at very strong support line ,beware ..it can go up from here ..killing the price rise in gold ..precious metal etc .
An inverted head and shoulders pattern has formed in DXY hourly. Watch for a level above 93.70 for a move to 94.80. This may very well be the reversal on the shorter term chart which would confirm that DXY has bottomed and on a path towards 98 in a few weeks/months time.
if this pattern is confirmed, we can see some corresponding correction in Metals and EM equities.
DXY is on edge of the support at 96. RSI has formed positive divergence but yet not turned up. Circle marks the perfect support which should be touched by 23-26th July, if it has to work. The overall frame of the trend is still pointing 94 but positive divergence can't be ruled out. Better to be on the sideline and see which support is in motion. If it comes to 94...
Ichimoku, MACD and RSI, all point towards another downtrend. The U.S. not able to control the surge in new COVID-19 cases is also not helping the index fundamentally. Below 96 again??
Disclaimer : This is not financial advice please do your own research before investment.
As you can clearly see right now DXY creating Bear flag if DXY failed to sustain
above and breaks the flag from downside then the next support will be around 95.9
and if the price goes below 95 then the technically support will be around 93.
