$DXY seems to be topping out. Sell signal on the daily chart
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Not only is there a double top, but the DXY got rejected at its July 14th, 2022 high almost to the penny.
This is a sign that the dollar has topped out for now or at least run out of steam temporarily. It's possible It checks back to the uptrend line that dates back to February 10th, 2022 which by my gauge would bring it back to the 106-107 range.
The last 5 times the stochastic RSI has hit this level and had a bearish cross, 4 of them have led to quick sell-offs. I believe this will be 5/6. This has been a reliable signal lately.
This is a sign that the dollar has topped out for now or at least run out of steam temporarily. It's possible It checks back to the uptrend line that dates back to February 10th, 2022 which by my gauge would bring it back to the 106-107 range.
The last 5 times the stochastic RSI has hit this level and had a bearish cross, 4 of them have led to quick sell-offs. I believe this will be 5/6. This has been a reliable signal lately.
Nota
I was too early, I see it as highly unlikely that the dollar drifts to unreal highs from the elevation it is already at. I would look at shorting the dollar now. There are inverse ETFs for it.Nota
I was way too early. Right idea, wrong timing. (Although I gave no time frame).I see it drifting further downward from here, boosting equities.
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