DXY may go down from right here
DXY currently is in a 'hard-to-tell' situation as I was expecting it to jump to 93.7 which it didn't manage to achieve last week. However it did achieved 93.524 and fell after retest for the second time hitting exactly at 93.524. So my assumption here is that there's big sellers available at this level that managed to push price down.
DXY is still in uptrend in general on daily and weekly chart. On lower time frames, it does look like that DXY failed to create higher high after revisiting 93.524 so I expect it to head south and retest previous lows.
RSI on most times frames currently are above 54 indicating buying strength. However lower time frames RSI is heading down agressively, it's highly possibly to move down further comparing with it's historical RSI data.
Ascending broadening wedge can be considered to support this analysis.
However it may also be possible that the price wants to visit higher high at 94.290 which in my opinion is highly unlikely but it's month end, and Q4 start, so I bias in thinking long investors taking profits therefore pricing going down. So if US data and news goes negative this week, the price may go crazy as it's also profit taking week, things can go wild.
Overall - I'm biased on bullish dollar so may simply bounce back up from any of these support zones before reaching to the lower end of the rising wedge.
Note: I do not trade DXY. It's used as analysis support for other pairs.
Disclaimer: Chart does not show future market prices, make sure you adjust your trades accordingly. No financial advise is given here. Manage money at your own risk. Never believe 100% accuracy. Don't
DXY is still in uptrend in general on daily and weekly chart. On lower time frames, it does look like that DXY failed to create higher high after revisiting 93.524 so I expect it to head south and retest previous lows.
RSI on most times frames currently are above 54 indicating buying strength. However lower time frames RSI is heading down agressively, it's highly possibly to move down further comparing with it's historical RSI data.
Ascending broadening wedge can be considered to support this analysis.
However it may also be possible that the price wants to visit higher high at 94.290 which in my opinion is highly unlikely but it's month end, and Q4 start, so I bias in thinking long investors taking profits therefore pricing going down. So if US data and news goes negative this week, the price may go crazy as it's also profit taking week, things can go wild.
Overall - I'm biased on bullish dollar so may simply bounce back up from any of these support zones before reaching to the lower end of the rising wedge.
Note: I do not trade DXY. It's used as analysis support for other pairs.
Disclaimer: Chart does not show future market prices, make sure you adjust your trades accordingly. No financial advise is given here. Manage money at your own risk. Never believe 100% accuracy. Don't
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